Imperial Sugar Completes Sale of Its Investment in Wholesome Sweeteners
The net proceeds of $60.4 million cash, which is subject to adjustment upon determination of Wholesome’s closing date working capital, were used to reduce borrowings under Imperial’s revolving line of credit.
10 April 2012 --- Imperial Sugar Company announced that it had completed the sale of its 50% interest in Wholesome Sweeteners, Incorporated to an affiliate of Arlon Group, a private investment group focused on food and agriculture. The net proceeds of $60.4 million cash, which is subject to adjustment upon determination of Wholesome’s closing date working capital, were used to reduce borrowings under Imperial’s revolving line of credit.
Outstanding borrowings under the credit agreement were $7.8 million after receipt of the sales proceeds. Imperial expects to report a gain on the sale of approximately $38 million in its third fiscal quarter ending June 30, 2012.
Wholesome Sweeteners is the leading provider of organic and fair trade certified sweeteners in North America. The company, which was formed in 2001, was a 50/50 joint venture between Imperial and Edward Billington and Son, Limited of Liverpool, England prior to the sale.
