Dean Foods Company has agreed to acquire the Alpro division of Vandemoortele NV, Belgium’s largest privately held food company. The transaction’s price is approximately 325 million euros. It is expected to be completed in the third quarter of 2009.
With its Alpro soya and Provamel brands, Alpro is the European leader in branded soy-based beverage and food products with net sales of approximately 260 million euros in 2008. Alpro has five manufacturing sites in Belgium, the United Kingdom, France, and the Netherlands, and employs approximately 750 people.
“We think this is a great deal that establishes Dean Foods as a clear global leader in the attractive soy beverages and related products category, with over $1 billion in combined annual retail sales,” said Gregg Engles, Dean Foods chairman and chief executive officer.
Alpro CEO Bernard Deryckere will report to Joe Scalzo, CEO and president of Dean Foods’ WhiteWave-Morningstar division. Alpro will be run as a separate European business.
The transaction price of about 325 million euros is being financed under Dean Foods’ existing revolving credit facility and is expected to be modestly accretive to 2009 earnings, excluding transaction-related costs.
