Dean Foods (DF) Completes Acquisition of Alpro for Euro 325 Million
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Dean Foods Company (NYSE: DF) has completed the previously disclosed acquisition of the Alpro division of Vandemoortele N.V. for a transaction price of approximately euro 325 million.
Alpro is the European leader in branded soy-based beverage and food products with net sales of approximately euro 260 million in 2008 sold under the Alpro(R) soya and Provamel(R) brands. Alpro has five manufacturing sites in Belgium, the United Kingdom, France and the Netherlands, and employs approximately 750 people.
The acquisition is being financed under Dean Foods' existing revolving credit facility and is expected to be modestly accretive to 2009 earnings, excluding transaction-related costs.
Dean Foods remains committed to deleveraging its balance sheet to below 3.5x funded debt to EBITDA, as defined by its bank agreement. Inclusive of the EBITDA and debt impacts of this transaction, the Company continues to expect to achieve that goal and will not raise additional equity as a result of its acquisition of Alpro. [SM]
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