2013

The following is a summary of the major acquisitions that occurred in the food and beverage industry in 2013.

Legend

• Date: The date the buyer acquired the target or brand, as reported in public sources.
• Price: The price paid for the company being acquired.
• Buyer: The company that acquired the target or brand.
• Target: The company or brand that was acquired. For example, if Ford Motor Company acquired Audi, Ford Motor Company is the buyer, Volkswagen is the seller, and the target is Audi.
• Location: The location of the target (i.e., the company or brand that was acquired).
• Seller: The company that owned the target company or brand that was acquired. For example, if Volkswagen sold Audi, Volkswagen is the seller, and the target is Audi.
• Purpose: The primary reason the buyer acquired the target or brand.
• Details: Specific details regarding the transaction, such as the form of consideration (e.g., cash, stock, notes, etc.) and/or any contingent payments (e.g., earnouts, etc.).

Food Manufacturing – General

The WhiteWave Foods Company Acquired Natural Selection Foods, LLC (Organic Food Brand)

Date:	December 9, 2013
Price:	$600 Million
Buyer:	The WhiteWave Foods Company – A top consumer packaged beverage and food company in Europe and North America.
Target:	Natural Selection Foods, LLC (Earthbound Farm) – A leading organic food brand and farm services provider.
Location:	California, USA
Purpose:	“Earthbound Farm is an outstanding organization well-known for innovation, freshness, organic stewardship, and food safety. It is a natural extension of our business that reaffirms WhiteWave’s leadership in the organic foods and beverages industry in North America,” said Gregg Engles, Chairman and Chief Executive Officer of WhiteWave.
Details:	Haynes and Boone, LLP, acted as legal advisor, and J.P. Morgan acted as financial advisor to WhiteWave. Weil, Gotshal & Manges, and Cooley LLP acted as legal advisors, and Barclays and Houlihan Lokey acted as financial advisors to Earthbound Farm.

Flotek Industries Inc. Acquired Florida Chemical Company, Inc. (Citrus Oils)

Date:	May 10, 2013
Price:	$125 Million
Buyer:	Flotek Industries Inc. – A technology-driven, specialty chemistry and data company that helps customers across industrial, commercial, and consumer markets improve their environmental, social, and governance performance.
Target:	Florida Chemical Company, Inc. – The world’s largest processor of citrus oils and an innovator in chemical synthesis, solvent, and flavor/fragrance applications from citrus oils in its facilities in Texas and Florida.
Location:	Florida, USA
Purpose:	“The acquisition of Florida Chemical – A global leader in citrus chemistry in the oilfield and beyond – is a transformational opportunity for Flotek,” said John Chisholm, Flotek Chairman, President, and CEO.
Details:	PNC agreed to increase its total facility to $125 million, including a $75 million revolving credit facility and a $50 million term loan. Flotek will fund the cash segment of the acquisition using the proceeds from the revolving credit facility and the term loan.

Bellisio Foods Acquired Overhill Farms (Private-Label Frozen Foods)

Date:	May 15, 2013
Price:	$87.6 Million
Buyer:	Bellisio Foods – A fast-growing company famous for creating innovative, quality foods.
Target:	Overhill Farms – A value-added supplier of private label and branded frozen foods for the food service and retail markets.
Location:	California, USA
Purpose:	Joel Conner, Bellisio’s Chairman and Chief Executive Officer, said, “I am pleased to announce this acquisition. The addition of Overhill Farms’ manufacturing capabilities and its customer and brand portfolios align perfectly with Bellisio’s growth strategies to expand our customer base, strengthen our brand portfolio, invest in high-growth platforms, and leverage our manufacturing disciplines to generate strong returns.”
Details:	The finalization of the transaction was unanimously approved by the boards of both companies, as per customary conditions, including Overhill Farms’ shareholder approval, termination or expiration of the waiting period under the Hart-Scott-Rodino Act, and specific third-party consent.

Bunge North America, Inc. Acquired Grupo Altex’ Wheat Milling Business (Wheat Milling)

Date:	October 23, 2013
Price:	Undisclosed Amount
Buyer:	Bunge North America, Inc. – Operates as an agribusiness and food ingredient company. The company produces and markets soybean, sorghum, canola, corn, wheat, rice, and feed peas.
Target:	Grupo Altex’ Wheat Milling Business – A leading Mexican wheat miller that operates six mills with an annual processing capacity of approximately 800 thousand metric tons.
Location:	Ciudad de México, Mexico
Purpose:	“This investment further strengthens our core food and ingredients segment by building on the consistent success of our North American milling business,” said Gordon Hardie, Managing Director of Food & Ingredients, Bunge Limited.
Details:	Financial terms were not disclosed.

Danone Acquired U.S. Happy Family (Organic Baby Food Producer)

Date:	May 13, 2013
Price:	Undisclosed Amount
Buyer:	Danone – An international company operating on five continents, Danone holds top positions in healthy food through four business categories, including fresh dairy products, water, baby nutrition, and medical nutrition.
Target:	Happy Family – An American organic and baby food company.
Location:	New York, USA
Seller:	CGM Ventures Inc. – Operates as a venture capital firm.
Purpose:	“This agreement will allow us to further our goal of providing organic nutrition to more children, both by making our products more available and by continuing to provide innovations to the baby and toddler category,” said Shazi Visram of Happy Family Brands.
Details:	The companies have not disclosed the exact value of the acquisition; however, Happy Family holds a 4% share of the U.S. baby food market and had more than $60 million in gross sales in 2012.

Alcoholic Beverages

Golden Equity Investments Acquired Goosecross Cellars (Luxury Winery)

Date:	May 16, 2013
Price:	Undisclosed Amount
Buyer:	Golden Equity Investments – A private equity firm serving customers in the United States.
Target:	Goosecross Cellars – A boutique luxury winery in Yountville, CA.
Location:	California, USA
Purpose:	“Goosecross’ location, vineyard, and winery are what initially drew us to this property,” said Christi Coors Ficeli, GEI Manager and member of the Coors brewing family of Colorado. She added, “Its direct-to-consumer success and reputation for premium quality wine varietals positions us for ongoing success.”
Details:	The transaction included an 11-acre vineyard and estate winery, tasting room, and contemporary Tudor-style estate home. The exclusive financial advisor to Goosecross Cellars was Zepponi & Company. The financial terms were not disclosed.

Bacchus Capital Management Acquired Panther Creek Cellars LLC (Winery)

Date:	May 15, 2013
Price:	Undisclosed Amount
Buyer:	Bacchus Capital Management – An investment firm based in San Francisco that makes private equity investments and provides strategic capital in the U.S. wine industry.
Target:	Panther Creek Cellars LLC – A producer of signature Pinot Noir, Pinot Gris, and Chardonnay wines since 1986.
Location:	Washington State, USA
Purpose:	“Bacchus is focused on supporting talented winemakers and building family-owned wineries, enabling them to fulfill their potential,” stated Sam Bronfman, Bacchus Co-Founder, and Managing Partner.
Details:	Bacchus acquired the Oregon winery Panther Creek Cellars and appointed acclaimed winemaker Tony Rynders as Panther’s Consulting Winemaker.

Precept Wine Acquired Yamhela Vineyard in Yamhill (Winery)

Date:	May 14, 2013
Price:	Undisclosed Amount
Buyer:	Precept Wine – A top 20 North American wine producer that owns and operates vineyards, wineries, and tasting rooms across Idaho, Oregon, and Washington, and enjoys a joint venture in McLaren Vale, Australia.
Target:	Yamhela Vineyard in Yamhill – Home to some of Oregon’s most highly-regarded Pinot Noir vineyards, the Yamhill-Carlton District is famous for its course-grained marine sedimentary soils.
Location:	Oregon, USA
Purpose:	Precept Wine Chief Executive Officer Andrew Browne said, “In pursuit of being the vineyard and winery leader over the next decade in the Northwest, we will continue to develop, acquire and grow our business working from a strong foundation of Northwest vineyards and wines with powerful brand names.”
Details:	The terms of the sale are undisclosed.

Non-Alcoholic Beverages

Benckiser Acquired D.E. Master Blenders (Coffee and Tea Producers)

Date:	April 12, 2013
Price:	€7.5 Billion ($8 Billion)
Buyer:	Joh. A. Benckiser GmbH (J.A.B.) – A German conglomerate based in Luxembourg that invests in companies operating in consumer goods, coffee, forestry, luxury fashion, fast foods, animal health, and more.
Target:	D.E. Master Blenders – Produces and sells coffee and tea products for retail and out-of-home markets worldwide, including Europe, Brazil, and Australia.
Location:	Amsterdam, Netherlands
Purpose:	“J.A.B. and its partners intend to use D.E.M.B. as their platform for both organic growth as well as acquisitions in the fast-moving consumer goods coffee and tea categories,” said Bart Becht, J.A.B. Chairman.
Details:	The total offer had a value of €7.5 billion ($9.8 billion).

Dairy

Lifeway Foods Inc. Acquired Golden Guernsey Dairy, LLC (Dairy Products Manufacturer)

Date:	May 15, 2013
Price:	$7.4 Million
Buyer:	Lifeway Foods Inc. – A leading supplier of kefir cultured dairy products.
Target:	Golden Guernsey Dairy, LLC – Manufacturer, bottler, and distributor of dairy products.
Location:	Michigan, USA
Purpose:	The acquisition will provide additional manufacturing capacity for its growing kefir-based business.
Details:	Adding the 170,000-square-foot plant to Lifeway’s existing 50,000-square-foot facility in Morton Grove, IL, will more than quadruple the company’s production capacity and provide much-needed expansion abilities.