Steven Townsend, United Natural Foods President, said, "We are extremely excited
about this transaction which continues the Company's strategy of supplementing
our strong internal growth with strategic acquisitions that allow us to broaden
our geographic reach and increase customer penetration. The addition of
Northeast Cooperatives will provide UNFI with an expanded customer base along
with new channels of distribution. Furthermore, we expect to realize significant
synergies with the consolidation of Northeast Cooperatives operation into our
expanded Chesterfield facility during the summer of 2003."
George Southworth, Chief Executive Officer of Northeast Cooperatives, said, "The
merger with UNFI will provide the diverse customer base of Northeast
Cooperatives with a strong distribution partner and, with the combined skill
sets of both organizations, will strengthen natural foods retailing and service
to consumers in our region. After an extensive search, Northeast's Board of
Directors has identified UNFI as the best partner for our members and customers
and strongly endorses the merger."
United Natural Foods expects the transaction to close in its fiscal 2003 second
quarter. The Company also stated it expects the transaction to be neutral to
slightly accretive by the end of the first full year following the acquisition,
and accretive thereafter.
About Northeast Cooperatives
Northeast Cooperatives carries and distributes over 14,000 products to
approximately 2,800 customers primarily in the Northeast. Northeast Cooperatives
serves a wide variety of retail formats including conventional supermarket
chains, natural product superstores, independent retail operators, cooperatives,
institutions and buying clubs.
About United Natural Foods
United Natural Foods, Inc. carries and distributes over 30,000 products to more
than 7,000 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, Inc., +1-860-779-2800, General Information, Joseph Calabrese,
+1-212-445-8434, or Analyst Information, Vanessa Schwartz, +1-212-445-8433,
both of FRB Weber Shandwick