Pierre Foods, Inc. Acquires Zartic, Inc.
The acquisition of Zartic will allow Pierre to further meet its customers' needs by adding exciting new product lines to its current product offerings.
14/12/06 Pierre Foods, Inc. announced that it has completed a transaction to purchase substantially all of the assets of Zartic, Inc. and its affiliated distribution company, Zar Tran, Inc.. Pierre previously announced on November 5, 2006 its intent to acquire Zartic, which is headquartered in Rome, Georgia.
Zartic manufactures, sells, delivers, and distributes a variety of food items including packaged beef, poultry, pork, and veal products. The aggregate preliminary purchase price was $94 million plus the assumption of certain liabilities, subject to certain post-closing adjustments. Pierre financed the purchase through an amendment to its existing Credit Agreement.
Pierre is a leading manufacturer and marketer of high-quality, differentiated food solutions, focusing on pre-cooked protein products and hand-held convenience sandwiches. Headquartered in Cincinnati, Ohio, Pierre markets its products under a number of brand names, such as Pierre, Clovervale Farms, Chef's Pantry, Fast Choice, Rib-B-Q, Blue Stone Grill, Hot 'n' Ready and Big AZ, and has licenses to sell sandwiches using well-known brands, such as Checkers, Rally's, Krystal, Tony Roma's, NASCAR, NASCAR CAFE, and Nathan's Famous.
The acquisition of Zartic will allow Pierre to further meet its customers' needs by adding exciting new product lines to its current product offerings. In addition, the acquisition strengthens Pierre's presence within its existing end markets and increases Pierre's production capacity and capabilities. Pierre expects the acquisition to further solidify Pierre's leading market position in certain markets and strengthen Pierre's position in other end markets.
