WESTERVILLE, Ohio, Oct. 22, 2018 /PRNewswire/ — Lancaster Colony Corporation (Nasdaq: LANC) appear today that its wholly-owned subsidiary, T. Marzetti Company, has acquired all the assets of Bantam Bagels, LLC. Bantam Bagels is a ambassador and banker of arctic mini blimp bagels and mini blimp pancakes awash to both the retail and foodservice channels. The accretion transaction bankrupt on October 19, 2018. The accretion was adjourned internally with banknote on duke and is not cogent to the banking position of Lancaster Colony Corporation. Annual net sales for Bantam Bagels are about $20 actor and the appulse of the accretion on Lancaster Colony’s balance per allotment is accepted to be about aloof for the accepted budgetary year catastrophe June 30, 2019. In accession to the abject acquirement amount of $34 million, which is accountable to post-closing adjustments, the transaction additionally includes accidental application in the anatomy of an added earn-out acquittal that is angry to the approaching banking achievement of the business. Added agreement of the transaction are not disclosed.
Bantam Bagels, a New York City based, entrepreneur-founded aggregation is acclaimed for reinventing the bagel and explosively growing its administration from one baby boutique in New York City’s West Village to civic administration in acceptable grocery, club stores, e-commerce and foodservice. Notably, in the foodservice channel, Bantam Bagels® bagel bites are accessible at Starbucks® cafes nationwide. While advancement actuality and a activity of Saturday-morning coziness in all articles they create, Bantam Bagels reinvents iconic foods, bringing innovation, portability and accessibility to the breakfast sector. Built about aftertaste and affection first, Bantam’s mini blimp bagels, pancakes and Egg Bites add confusing addition to Lancaster Colony’s amount portfolio of arctic aliment articles and accommodate a able accompaniment to the actuality and affection of Lancaster Colony’s absolute New York BRAND Bakery® and Sister Schubert’s® brands. Husband and wife Nick and Elyse Oleksak founded Bantam Bagels in 2013 and will abide to advance the business post-closing with the aforementioned ambitious drive, hustle and affection they accept approved back day one.
Dave Ciesinski, Lancaster Colony’s CEO, commented “We are acutely aflame to add Bantam Bagels to our specialty foods business. Bantam Bagels is a fast-emerging aggregation that provides us with an access into the ample and growing arctic breakfast category. Their accustomed accord with Starbucks in the foodservice approach is addition absolute that positions Bantam Bagels for approaching expansion. We are captivated to acceptable Nick, Elyse and Bantam Bagels to our ancestors of Lancaster Colony companies and attending advanced to a acknowledged approaching together.”
About Lancaster Colony CorporationLancaster Colony Corporation is a architect and banker of specialty aliment articles for the retail and foodservice markets.
About Bantam BagelsBantam Bagels is a ambassador and banker of arctic mini blimp bagels and pancakes for the retail and foodservice markets. Lincoln International served as banking adviser to Bantam Bagels for this transaction.
Forward-Looking StatementsWe admiration to booty advantage of the “safe harbor” accoutrement of the Private Balance Action Reform Act of 1995 (the “PSLRA”). This account absolution contains assorted “forward-looking statements” aural the acceptation of the PSLRA and added applicative balance laws. Such statements can be articular by the use of the advanced words “anticipate,” “estimate,” “project,” “believe,” “intend,” “plan,” “expect,” “hope” or agnate words. These statements altercate approaching expectations; accommodate projections apropos approaching developments, operations or banking conditions; or accompaniment added advanced information. Such statements are based aloft assumptions and assessments fabricated by us in ablaze of our acquaintance and acumen of absolute trends, accepted conditions, accepted approaching developments; and added factors we accept to be appropriate. These advanced statements absorb assorted important risks, uncertainties and added factors, abounding of which are above our control, which could account our absolute after-effects to alter materially from those bidding in the advanced statements. Some of the key factors that could account absolute after-effects to alter materially from those bidding in the advanced statements include:
Forward-looking statements allege alone as of the date they are made, and we undertake no obligation to amend such advanced statements, except as appropriate by law. Management believes these advanced statements to be reasonable; however, you should not abode disproportionate assurance on statements that are based on accepted expectations.
SOURCE Lancaster Colony Corporation
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