Flowers Foods closes on $370 million Lepage Bakeries buy

The Associated Press
Posted July 23, 2012, at 12 p.m.

NEW YORK — Flowers Foods Inc., maker of Nature’s Own bread, Tastykake treats and other baked goods, has completed its $370 million acquisition of Lepage Bakeries Inc.

The company announced the cash-and-stock deal in May, saying at the time that the transaction would help expand its presence in New England and New York.

Lepage’s lineup of regional brands include Country Kitchen and Barowsky’s, along with a broader variety of breads, buns and rolls. Lepage is based in Auburn, Maine.

The buyout included $300 million in cash and $50 million in stock for LePage. There is also a total of $20 million in deferred cash payments that begin on the deal’s fourth anniversary.

As part of the transaction, Flowers Foods received two bakeries in Lewiston, Maine, one in Brattleboro, Vt., and a direct-store-delivery platform.

Flowers Foods, based in Thomasville, Ga., said Monday that it will provide more details about the acquisition when it reports its second-quarter results on Aug. 14.

Flowers Foods now runs 44 bakeries, which includes those from the Lepage acquisition.

http://bangordailynews.com/2012/07/23/business/flowers-foods-closes-on-370-million-lepage-bakeries-buy/ printed on December 20, 2014