June 25, 2018 7:42 AM ET

Food Products

Company Overview of BEF Foods, Inc.

Company Overview

BEF Foods, Inc. produces and distributes retail pork sausage, refrigerated side dishes, and frozen convenience and foodservice items. The company was incorporated in 2011 and is based in New Albany, Ohio. BEF Foods, Inc. operates as a subsidiary of Bob Evans Farms, Inc.

8111 Smiths Mill Road

New Albany, OH 43054-1183

United States

Founded in 2011



Key Executives for BEF Foods, Inc.

Age: 58
Compensation as of Fiscal Year 2017.

BEF Foods, Inc. Key Developments

Bob Evans Farms, Inc. and BEF Foods, Inc. Enters into $300.0 Million Credit Agreement

On April 28, 2017, Bob Evans Farms, Inc. entered into a $300.0 million Credit Agreement among its wholly-owned subsidiaries, BEF Foods, Inc., as borrower, Bob Evans Farms, LLC, Bob Evans Holding, Inc., BEF Management, Inc., Bob Evans Transportation Company, LLC (the “Guarantors”), and the company, as guarantors; Bank of America, N.A., as administrative agent, swingline lender and L/C issuer; PNC Bank, National Association and JPMorgan Chase Bank, N.A., as co-syndication agents; Merrill Lynch, Pierce, Fenner & Smith Incorporated, JPMorgan Chase Bank, N.A. and PNC Capital Markets LLC, as joint lead arrangers and joint bookrunners; and PNC Bank, National Association, JPMorgan Chase Bank, N.A., Bank of America, N.A., Fifth Third Bank, and Wells Fargo Bank, National Association, as lenders. All obligations under the Credit Agreement are unconditionally guaranteed by the Company and the Guarantors. The Credit Agreement is secured by a first-priority security interest in certain property and assets of the Company, the Borrower and the Guarantors, including accounts receivable, inventory, equipment, intellectual property and certain other assets, including stock pledges of certain material direct subsidiaries. The Company and its subsidiaries from time to time have had, and may continue to have, various commercial, lending or other relationships with the lenders that are parties to the Credit Agreement and the lenders’ respective affiliates. The Credit Agreement represents a syndicated secured revolving credit facility under which up to $300.0 million will be available, with a letter of credit sub-facility of $20.0 million, and an accordion option to increase the revolving credit commitment to $400.0 million. The primary purposes of the Credit Agreement are for stand-by letters of credit in the ordinary course of business as well as working capital, refinancing of existing indebtedness, capital expenditures, acquisitions, stock repurchases, dividends, including a one-time dividend to the Company’s stockholders in an aggregate amount not to exceed $200.0 million, and other general corporate purposes. The Credit Agreement has a maturity date of April 28, 2022. Borrowings under the Credit Agreement bear interest, at Borrower’s option, at a rate based on the Eurodollar Rate or the Base Rate, plus a margin based on the Consolidated Leverage Ratio, as detailed in the Credit Agreement, ranging from 1.25% to 2.00% per annum for Eurodollar Rate, and ranging from 0.25% to 1.00 % per annum for Base Rate. Base Rate means, for any day, a fluctuating per annum rate of interest equal to the higher of (i) the Federal Funds Rate, plus 0.5%, and (ii) Bank of America, N.A.’s “prime rate”, and (iii) the Eurodollar Rate, plus 1.0%. As of the date, the margin on LIBOR-based loans was 1.50% per annum and the margin on Base Rate-based loans was 0.50% per annum.

BEF Foods Announces Unaudited Earnings Results for the First Quarter Ended July 29, 2016; Provides Sales Guidance for the Fiscal 2017

BEF Foods announced unaudited earnings results for the first quarter ended July 29, 2016. For the quarter, the company reported net sales of $85,941,000 against $83,044,000 a year ago. Operating income was $15,387,000 against $15,851,000 a year ago. Total Non-GAAP operating income was $15,387,000 against $15,851,000 a year ago. The decline in GAAP and Non-GAAP operating income was due primarily to $2.1 million of increased sow cost, $2.2 million of increased trade spending, and a planned $1.2 million increase in advertising; largely offset by increased volume, favorable sales mix, and lower SG&A costs. The company provided sales guidance for the fiscal year 2017. For the year, the company expects net sales in the range of $400 million to $420 million.

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