Acquisition Enhances United Natural Foods Presence & Customer Base in The Midwest
Blooming Prairie Cooperative carries and distributes approximately 15,000
products to more than 2,700 customers primarily in the Midwest. Blooming Prairie
serves a wide variety of retail formats including conventional supermarket
chains, natural product superstores, independent retail operators, cooperatives
and buying clubs.
Michael Funk, United Natural Foods Chief Executive Officer, said, "With the
addition of Blooming Prairie we have achieved our stated goal of broadening our
presence and increasing our penetration in the fast growing Midwest market. This
is a synergistic acquisition as it provides us with an immediate physical base
of two strategically located distribution facilities and direct access to new
customers. By utilizing the combined strengths and reach of the two companies we
now have the capabilities to expand and broaden our market share in this region
cost effectively."
Jesse Singerman, President and CEO of Blooming Prairie, commented, "We are proud
of Blooming Prairie's 28 years of success in distributing organic and natural
products throughout the Midwest, and welcome this opportunity to continue as
part of a successful national company. We are very excited about joining forces
with United Natural Foods and the opportunities the transaction brings to both
franchises. With its proven leadership in the industry, we will benefit
immediately from United Natural Foods broad set of supplier relationships and
extensive national presence." Blooming Prairie will continue to operate under
current management as a subsidiary of United Natural Foods. Ms. Singerman will
continue as President of Blooming Prairie.
The Company also stated it expects the transaction to be neutral to slightly
accretive in the first full year following the acquisition, and accretive
thereafter.
About United Natural Foods
United Natural Foods, Inc. carries and distributes over 30,000 products to more
than 8,500 customers nationwide. The Company serves a wide variety of retail
formats including conventional supermarket chains, natural product superstores
and independent retail operators.
For more information on United Natural Foods, Inc., visit the Company's web site
at www.unfi.com .
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: Statements in this press release regarding United Natural's business which
are not historical facts are "forward-looking statements" that involve risks and
uncertainties. For a discussion of such risks and uncertainties, which could
cause actual results to differ from those contained in the forward-looking
statements, including but not limited to general business conditions, the impact
of competition and our dependence on principal customers, see "Risk Factors" in
the Company's quarterly report on Form 10-Q filed with the Commission on June
13, 2002, and its other filings under the Securities Exchange Act of 1934, as
amended. Any forward-looking statements are made pursuant to the Private
Securities Litigation Reform Act of 1995 and, as such, speak only as of the date
made. United Natural Foods, Inc. is not undertaking to update any information in
the foregoing reports until the effective date of its future reports required by
applicable laws.
SOURCE United Natural Foods, Inc.
CONTACT: Todd Weintraub, Chief Financial Officer of United Natural
Foods, +1-860-779-2800, or General, Joseph Calabrese, +1-212-445-8434,
Analysts, Vanessa Schwartz, +1-212-445-8433, both of FRB Weber Shandwick
(UNFI)