Sunset Acquires US Mills for $15.8m
U.S. Mills' products include brands such as Uncle Sam Cereal, Erewhon, New Morning, Farina and Skinner's Raisin Bran products.
U.S. Mills' products include widely-recognized brands such as Uncle Sam Cereal, Erewhon, New Morning, Farina and Skinner's Raisin Bran products. Their brands are sold through supermarkets, mass merchandisers, wholesale grocers, natural food distributors and specialty food distributors. The products are sold in all 50 states, Canada and Puerto Rico as well as Asia and the Middle East.
Todd Sanders, President and Chief Executive Officer of Sunset Brands said, "This is a very exciting acquisition for Sunset Brands, giving us entree into the natural and organic category with five well respected and established brands. The acquisition of U.S. Mills creates significant operational cost savings and provides sales and marketing synergies towards the distribution of Sunset Brands' existing brand portfolio."
"U.S. Mills is a leader in the natural and organic foods category, a niche market with annual growth in excess of 20%. We are extremely pleased with this acquisition as U.S. Mills continues to outperform the market rate of growth. From this acquisition, Sunset Brands expects further expansion through a combination of organic growth and the pursuit of additional strategic acquisitions. With the acquisition of U.S. Mills, we are delighted to bring on management talent with deep experience in consumer products goods that share in our vision of building a leading portfolio of brands in the better foods and nutrition category," concluded Mr. Sanders.
The transaction which is scheduled to close on or before April 15, 2005 is subject to certain regulatory approvals and other customary closing conditions.
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