Credit Suisse, Barclays Among Lenders in Pierre Foods Merger
Wednesday, July 28, 2010
Pierre Foods, Advance Food Company and Advance Brands announced all three companies have entered into a definitive merger agreement. The combined company will be called Advance Pierre Foods and will supply value-added protein and handheld convenience food products to the foodservice, school, retail, club, vending and convenience store channels.
The transaction is expected to close within the next two months and is subject to customary closing conditions. Funds managed by Oaktree Capital Management are currently the majority shareholder of Pierre Foods and upon closing, will maintain a majority share of the combined company. The current shareholders of Advance Food Company, the Allen and McLaughlin Families, will own a minority share of the combined company.
The management team for Advance Pierre Foods includes executives from all three companies. Integration planning for all company functions is underway.
Credit Suisse, Barclays Capital, Morgan Stanley and BMO Capital Markets have entered into financing arrangements to provide debt financing for the transaction and Morgan Stanley, Barclays Capital and Credit Suisse acted as Oaktree and Pierre's financial advisors. Skadden, Arps, Slate, Meagher & Flom, acted as Oaktree and Pierre's legal advisor. Bass, Berry & Sims served as legal advisor to the Advance Companies.
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