United Natural Foods (NASDAQ:UNFI) this week announced plans to acquire all equity interests of Trudeau Foods, LLC, a leading distributor of specialty food products with more than 600 customer locations. Under the terms of the acquisition, UNFI will wholly own Trudeau Foods as a subsidiary, and the deal is expected to close by Sept. 30.
Steve Spinner, UNFI's CEO and President, stated that he and the company "are excited to welcome Trudeau Foods to our organization. Both companies have a tremendous history of commitment to servicing their customers, and we are enthusiastic about the growth prospects for this market."
Financial terms were not disclosed.
United Natural Foods is based in Providence, R.I., and serves more than 27,000 supermarkets and grocers around the country and in Canada. Trudeau Foods distributes organic and specialty foods such as gourmet meats and baked goods to 600 markets in Michigan, Minnesota, North Dakota, and Wisconsin.
Since the beginning of 2013, UNFI has seen its price per share move from $53.93 to $67.37, a 24.9% increase, and peaked at $68.55.
-- Material from The Associated Press was used in this report.
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