Post Holdings to Acquire Willamette Egg Farms
25 Sep 2015 --- Post Holdings, Inc. has agreed to acquire Willamette Egg Farms, LLC. Willamette Egg is a producer, processor and wholesale distributor of eggs and egg products, with a leading market share position in the Northwest United States.
Willamette Egg owns two egg production facilities located in Oregon and Washington and has been operating since 1934. Willamette Egg produces shell eggs, specialty shell eggs (including cage-free and organic eggs) and value-added egg products (including liquid and hard cooked eggs). Upon completion of the acquisition, Willamette Egg will be combined with Post's existing Michael Foods egg business.
"This transaction nicely complements our portfolio and fits well into Michael Foods," said Rob Vitale, Post's President and CEO. "Willamette Egg will further increase our leadership as the country's largest provider of cage-free egg products and contributes to additional geographic flock diversification."
On a full year basis, Willamette Egg is expected to contribute approximately $80 million to net sales and approximately $15 million of Adjusted EBITDA to Post's results.
Post anticipates completing the acquisition early in its first quarter of fiscal 2016, subject to customary closing conditions, including the expiration of waiting periods required under antitrust laws. The acquisition is expected to be funded from cash on hand.
