Seneca Foods Corporation (NASDAQ:SENEA and SENEB) has signed a letter of intent to acquire Unilink LLC and its affiliated company, Lebanon Valley Cold Storage LP, which primarily sell frozen fruits and vegetables in the packaged private label retail and foodservice channels.
Unilink is a wholly owned subsidiary of the Pennsylvania Food Group LLC and is headquartered in Lebanon PA. Fiscal 2009 revenues were approximately $65 million.
“We believe Unilink is an excellent fit for Seneca as we expand our frozen private label and foodservice businesses. The company has been growing very rapidly over the past several years and operates a state-of-the-art facility that opened in 2008,” said Kraig Kayser, Seneca Foods president and chief executive officer.
The acquisition remains subject to both the signing of a definitive agreement and to customary closing conditions. It is expected that the acquisition will be completed within the next four weeks.
Unilink and Lebanon Valley Cold Storage are privately held companies. Unilink was founded in May 2003 and distributes frozen products to customers in the eastern United States. Lebanon Valley Cold Storage operates a cold storage facility in Lebanon PA.
Under an alliance with General Mills Operations LLC, a successor to the Pillsbury Company and a subsidiary of General Mills Inc, Seneca produces frozen and canned vegetables, which are sold by General Mills Operations LLC under the Green Giant label.