AdvancePierre Foods acquires Allied Specialty Foods

Cincinnati-based AdvancePierre Foods, a producer and distributor of sandwiches, sandwich components and other entrées and snacks under its own brands and for private labeling, said it completed the acquisition of Allied Specialty Foods Inc., a Vineland, N.J.,-headquartered manufacturer of raw and cooked beef and chicken Philly steak products, from Steven Zoll for $60 million in cash. The transaction is subject to certain post-closing adjustments.

“The addition of Allied further expands AdvancePierre’s market-leading position in the Philly steak platform by providing entry into fully cooked product offerings,” said Dean Hollis, chairman of the AdvancePierre board of directors. “The transaction is a great example of AdvancePierre’s strategy of strengthening and growing its core business through disciplined, accretive acquisitions. We continue to evaluate a significant number of highly attractive, synergistic acquisition opportunities on the horizon and believe AdvancePierre is well-positioned and capitalized to pursue future opportunities as they arise.”