ELGIN, Ill. John B. Sanfilippo & Son, the distributor of such brands as Fisher and Texas Pride, has acquired one of the leading suppliers of branded and private-label nut and dried fruit products.
JBSS said it completed its acquisition of Orchard Valley Harvest, based in Modesto, Calif. Under terms of the agreement, JBSS paid $32.8 million in cash funded from excess availability in the JBSS bank credit facility. JBSS may also pay amounts of up to $10.5 million, contingent upon performance of the acquired business for the 2010 and 2011 calendar years.
“The acquisition of OVH fulfills a key pillar in JBSS’ five year strategic plan by significantly increasing our presence in the produce section of food retailers,” said Jeffrey Sanfilippo, chairman and CEO of JBSS. “The perimeter of the store is where retailers have been increasingly focusing their time and investment and where consumers have more frequently been purchasing fruit and nut products. The acquisition of OVH provides JBSS with meaningful product and packaging diversity and significant access to one of the fastest growing channels for nut and dried fruit products.”