THOMASVILLE, Ga., Dec. 14, 2018 /PRNewswire/ -- Flowers Foods,
Inc. (NYSE: FLO) today announced it has completed its acquisition
of Canyon Bakehouse LLC, a privately held, gluten-free baking
company based in Johnstown, Colo.
Canyon Bakehouse will operate as an independent subsidiary of
Flowers Foods.
"We welcome the Canyon Bakehouse team to Flowers and are excited
to work with them to bring their innovative gluten-free bakery
products to more consumers," said Allen
Shiver, Flowers' president and chief executive
officer. "This acquisition fits with Flowers' strategy to grow
in product adjacencies and gives us the opportunity to gain share
in the growing gluten-free segment. The Canyon Bakehouse
brand is the fastest-growing gluten-free bread loaf brand in the
U.S., and we believe we can help accelerate that growth using our
fresh distribution network and retail partnerships."
Canyon Bakehouse was founded by Josh and
Christi Skow and Ed
Miknevicius in 2009, after Christi was diagnosed with celiac
disease. Josh will continue to lead the business as president and
Christi will serve as brand ambassador.
About Flowers Foods
Headquartered in Thomasville, Ga., Flowers Foods, Inc. (NYSE:
FLO) is one of the largest producers of fresh packaged bakery foods
in the United States with 2017
sales of $3.9 billion. Flowers
operates bakeries across the country that produce a wide range of
bakery products. Among the company's top brands are Nature's
Own, Wonder, Dave's Killer Bread, and
Tastykake. Learn more at www.flowersfoods.com.
Forward-Looking Statements
Statements contained in this press release that are not historical
facts are forward-looking statements. Forward-looking statements
relate to current expectations regarding the timing of completion
of the proposed acquisition, the expected benefits of the proposed
acquisition and management's plans, projections and objectives for
our future financial condition, performance and results of
operations, planned capital expenditures, long-term objectives of
management, supply and demand, pricing trends and market forces,
and integration plans and are often identified by the use of words
and phrases such as "anticipate," "believe," "continue," "could,"
"estimate," "expect," "intend," "may," "plan," "predict,"
"project," "should," "will," "would," "is likely to," "is expected
to" or "will continue," or the negative of these terms or other
comparable terminology. All forward-looking statements are subject
to risks and uncertainties that could cause actual results to
differ from those projected. Other factors that may cause actual
results to differ from the forward-looking statements contained in
this release and that may affect the company's prospects in general
include, but are not limited to, (a) our ability to consummate the
acquisition on the terms or timeline currently contemplated, or at
all; (b) the ability to successfully integrate Canyon Bakehouse's
operations into our existing operations and the diversion of
management's attention from ongoing business and regular business
responsibilities to effect such integration; (c) the effects of
increased expenses or unanticipated liabilities incurred as a
result of or due to activities related to, the acquisition; (d) the
risk that the anticipated cost savings, synergies, revenue
enhancement strategies and other benefits from the acquisition may
not be fully realized or may take longer to realize than expected
or that our actual integration costs may exceed our estimates; (e)
general economic and business conditions and the competitive
conditions in the baked foods industry, including promotional and
price competition, (f) changes in consumer demand for our products,
including changes in consumer behavior, trends and preferences,
including health and whole grain trends, and the movement toward
more inexpensive store-branded products, (g) the success of
productivity improvements and new product introductions, (h) a
significant reduction in business with any of our major customers
including a reduction from adverse developments in any of our
customer's business, including as a result of product recalls or
safety concerns related to our products, (i) fluctuations in
commodity pricing, (j) energy and raw material costs and
availability and hedging and counterparty risk, (k) our ability to
fully integrate recent acquisitions into our business, (l) our
ability to achieve cash flow from capital expenditures and
acquisitions and the availability of new acquisitions that build
shareholder value, (m) our ability to successfully implement our
business strategies, including those strategies the company has
initiated under Project Centennial, which may involve, among other
things, the integration of recent acquisitions or the acquisition
or disposition of assets at presently targeted values, the
deployment of new systems and technology and an enhanced
organizational structure, (n) consolidation within the baking
industry and related industries, (o) disruptions in our
direct-store delivery system, including litigation or an adverse
ruling from a court or regulatory or government body that could
affect the independent contractor classification of our independent
distributors, (p) increasing legal complexity and legal proceedings
that we are or may become subject to, (q) product recalls or safety
concerns related to our products, and (r) the failure of our
information technology systems to perform adequately, including any
interruptions, intrusions or security breaches of such systems. The
foregoing list of important factors does not include all such
factors, nor necessarily present them in order of importance. In
addition, you should consult other public disclosures made by the
company, including the risk factors included in our most recently
filed Annual Report on Form 10-K and Quarterly Reports on Form 10-Q
filed with the Securities and Exchange Commission ("SEC") and
disclosures made in other filings with the SEC and company press
releases, for other factors that may cause actual results to differ
materially from those projected by the company. We caution you not
to place undue reliance on forward-looking statements, as they
speak only as of the date made and are inherently uncertain. The
company undertakes no obligation to publicly revise or update such
statements, except as required by law.
FLO-IR FLO-CORP FLO-PRO
View original
content:http://www.prnewswire.com/news-releases/flowers-foods-completes-acquisition-of-canyon-bakehouse-300765866.html
SOURCE Flowers Foods, Inc.