Pinnacle Foods Inc. Completes Acquisition of Wish-Bone® Salad Dressings and
Reaffirms Guidance For the Year
PARSIPPANY, N.J., Oct. 1, 2013
PARSIPPANY, N.J., Oct. 1, 2013 /PRNewswire/ --Pinnacle Foods Inc. (NYSE: PF)
today announced that it has completed the previously-announced acquisition of
the Wish-Bone^® salad dressings business from Unilever PLC for $575 million in
cash, subject to a customary post-closing inventory adjustment. The
acquisition was funded through a combination of cash on hand and new debt.
The new debt consists of a $525 million term loan, due 2020, with terms and
pricing consistent with the Company's existing term loan. Pricing for both
term loans is LIBOR (subject to a floor of 0.75%) plus an applicable margin of
2.50%, and both term loans carry the same 0.25% interest rate step-down
Wish-Bone ^ is a leading salad dressing brand, holding the #1 share position
in the Italian segment of the category and the #3 position overall. The
portfolio acquired includes a broad range of liquid and dry-mix salad dressing
flavors under the Wish-Bone and Western^® brand names. Wish-Bone will be
consolidated in the company's Duncan Hines Grocery segment.
In making the announcement, Pinnacle reaffirmed its outlook for Wish-Bone to
be $0.01-$0.02 accretive to EPS in the fourth quarter of fiscal 2013. In
addition, Pinnacle also reaffirmed its consolidated EPS outlook for the full
year of $1.53-$1.57.
About Pinnacle Foods
In more than 85% of American households, consumers reach for Pinnacle Foods
brands. Pinnacle Foods is a Top 1000 Company as ranked by Fortune Magazine. We
are a leading producer, marketer and distributor of high-quality branded food
products, which have been trusted household names for decades. Headquartered
in Parsippany, NJ, our business employs an average of 4,400 employees. We are
a leader in the shelf stable and frozen foods segments and our brands hold the
#1 or #2 market position in 10 of the 12 major categories in which they
compete. Our Duncan Hines Grocery Division manages brands such as Duncan
Hines^®baking mixes and frostings, Vlasic^®shelf-stable pickles, Mrs.
Butterworth's^®and Log Cabin^®table syrups, Wish-Bone^® and Western^®salad
dressings, Armour^®canned meats, Brooks^®and Nalley^®chili and chili
ingredients, Duncan Hines^®Comstock^®and Wilderness^®pie and pastry fruit
fillings and Open Pit^®barbecue sauces. Our Birds Eye Frozen Division manages
brands such as Birds Eye^®, Birds Eye Steamfresh^®, C&W^®, McKenzie's^®, and
Freshlike^®frozen vegetables, Birds Eye Voila!^®complete bagged frozen
meals, Van de Kamp's^®and Mrs. Paul's^®frozen prepared seafood,
Hungry-Man^®frozen dinners and entrees, Aunt Jemima^®frozen breakfasts,
Lender's^® ^ frozen and refrigerated bagels, and Celeste^®frozen pizza. Our
Specialty Foods Division manages Tim's Cascade Snacks^®, Hawaiian^®kettle
style potato chips, Erin's^®popcorn, Snyder of Berlin^®and Husman's^®snacks
in addition to our food service and private label businesses. Further
information is available athttp://www.pinnaclefoods.com.
Forward Looking Statements
This release may contain statements that predict or forecast future events or
results, depend on future events for their accuracy or otherwise contain
"forward-looking information." The words "estimates," "expects,"
"contemplates," "anticipates," "projects," "plans," "intends," "believes,"
"forecasts," "may," "should," and variations of such words or similar
expressions are intended to identify forward-looking statements. These
statements are made based on management's current expectations and beliefs
concerning future events and various assumptions and are not guarantees of
future performance. Actual results may differ materially as a result of
various factors, some of which are beyond our control, including but not
limited to: general economic and business conditions, deterioration of the
credit and capital markets, industry trends, our substantial leverage and
changes in our leverage, interest rate changes, changes in our ownership
structure, competition, the loss of any of our major customers or suppliers,
changes in demand for our products, changes in distribution channels or
competitive conditions in the markets where we operate, costs of integrating
acquisitions, loss of our intellectual property rights, fluctuations in price
and supply of raw materials, seasonality, our reliance on co-packers to meet
our manufacturing needs, availability of qualified personnel, changes in the
cost of compliance with laws and regulations, including environmental laws and
regulations, and the other risks and uncertainties detailed in our final
prospectus filed with the Securities and Exchange Commission on March 28, 2013
and subsequent reports filed with the Securities and Exchange Commission.
There may be other factors that may cause our actual results to differ
materially from the forward-looking statements. We assume no obligation to
update the information contained in the presentation.
SOURCE Pinnacle Foods Inc.
Contact: Financial Contact: Maria Sceppaguercio, Senior Vice President,
Investor Relations, Pinnacle Foods Inc., 973-541-8629; or Media Contact:
Elizabeth Rowland, Pinnacle Foods Media Relations, (973) 541-8620,
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