PROVIDENCE, R.I.--(BUSINESS WIRE)--Jul. 15, 2014--
United Natural Foods, Inc. (Nasdaq: UNFI) (the "Company") has completed
its previously announced acquisition of all of the stock of Tony’s Fine
Foods (“Tony’s”) for total consideration of approximately $195.3
million. The final purchase price is subject to a customary post-closing
net working capital adjustment.
With the completion of the transaction, Tony’s is now a wholly-owned
subsidiary of UNFI, and will continue to operate as Tony’s Fine Foods.
Founded in 1934 by the Ingoglia family, Tony’s sells products primarily
to retail and specialty grocers, food service customers and other
distribution companies.
Tony’s Fine Foods is headquartered in West Sacramento, California and is
a leading distributor of perishable food products including a wide array
of specialty protein, cheese, deli, food service and bakery goods
throughout the Western United States, as well as Alaska and Hawaii.
About United Natural Foods
United Natural Foods, Inc. (http://www.unfi.com)
carries and distributes more than 65,000 products to more than 31,000
customer locations throughout the United States and Canada. The Company
serves a wide variety of retail formats including conventional
supermarket chains, natural product superstores, independent retail
operators and the food service channel. United Natural Foods, Inc. was
ranked by Fortune in 2006 - 2010 as one of its "Most Admired Companies"
and in 2012 as one of its "Most Admired American Companies," winner of
the Supermarket News 2008 Sustainability Excellence Award, recognized by
the Nutrition Business Journal for its 2009 Environment and
Sustainability Award and chosen by Food Logistics Magazine as one of its
2012 Top 20 Green Providers.
For more information on United Natural Foods, Inc., visit the
Company’s website at www.unfi.com.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: Statements in this press release regarding the
Company's business that are not historical facts are "forward-looking
statements" that involve risks and uncertainties and are based on
current expectations and management estimates; actual results may differ
materially. The risks and uncertainties which could impact these
statements are described in the Company's filings under the Securities
Exchange Act of 1934, as amended, including its annual report on Form
10-K filed with the Securities and Exchange Commission ("SEC") on
October 1, 2013, its quarterly reports on Form 10-Q filed with the SEC
on December 11, 2013, March 12, 2014, and June 11, 2014 and other
filings the Company makes with the SEC, and include, but are not limited
to the Company's ability to successfully deploy its operational
initiatives to achieve synergies from the Tony’s acquisition; the
Company’s ability to arrange and close on a term loan facility on terms
satisfactory to the Company, the Company's dependence on principal
customers; the Company's sensitivity to general economic conditions,
including the current economic environment; changes in disposable income
levels and consumer spending trends; the Company's ability to reduce its
expenses in amounts sufficient to offset its increased focus on sales to
conventional supermarkets and the resulting lower gross margins on the
sales; the Company's reliance on the continued growth in sales of
natural and organic foods and non-food products in comparison to
conventional products; the Company's ability to timely and successfully
deploy its warehouse management system throughout its distribution
centers; increased fuel costs; the Company's sensitivity to inflationary
and deflationary pressures; the relatively low margins and economic
sensitivity of the Company's business; the potential for disruptions in
the Company's supply chain by circumstances beyond its control; the risk
of interruption of supplies due to lack of long-term contracts, severe
weather, work stoppages or otherwise; the ability to identify and
successfully complete acquisitions of other natural, organic and
specialty food and non-food products distributors; and management's
allocation of capital and the timing of capital expenditures. 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. The Company is not undertaking to update any information in the
foregoing reports until the effective date of its future reports
required by applicable laws. Any projections of future results of
operations are based on a number of assumptions, many of which are
outside the Company's control and should not be construed in any manner
as a guarantee that such results will in fact occur. These projections
are subject to change and could differ materially from final reported
results. The Company may from time to time update these publicly
announced projections, but it is not obligated to do so.
Source: United Natural Foods, Inc.
United Natural Foods, Inc.
Mark Shamber
Chief Financial
Officer
401-528-8634
or
ICR
Katie Turner
General
Information
646-277-1228