THOMASVILLE, Ga., June 7, 2021 /PRNewswire/ -- Flowers Foods,
Inc. (NYSE: FLO), producer of Nature's
Own, Dave's Killer
Bread, Wonder, Canyon
Bakehouse, Tastykake, and other bakery foods, announced
today that it has acquired the assets of Koffee Kup Bakery, Inc.
(KKB) in Burlington, Vermont from
the court-appointed receiver of the assets. Financial terms of the
transaction were not disclosed.
The acquisition includes three closed bakeries located in
Burlington and Brattleboro, Vermont and North Grosvenor Dale,
Connecticut, and the Koffee Kup
Bakery and Vermont Bread Company brands.
"This acquisition brings brands and production capacity in the
Northeast, a key growth market for our company," said Ryals
McMullian, Flowers Foods president and CEO. "The Koffee Kup
and Vermont Bread Company brands have a strong consumer
following in the region and we'll be evaluating their role within
our brand portfolio. We have no immediate plans to reopen the
bakeries but will be assessing how they may fit our strategic
network optimization efforts in the future."
KKB was founded in Troy,
Vermont in 1940. The company baked breads, English muffins,
buns, and donuts that were marketed throughout the Northeast. In
2013, the company acquired Vermont Bread Company, which produced
certified organic breads. KKB closed in April 2021.
About Flowers Foods
Headquartered in Thomasville, Ga.,
Flowers Foods, Inc. (NYSE: FLO) is one of the largest producers of
packaged bakery foods in the United
States with 2020 sales of $4.4 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, Dave's
Killer Bread, Wonder, Canyon Bakehouse,
and Tastykake. Learn more at
www.flowersfoods.com.
FLO-CORP FLO-IR
Forward-Looking Statements
Statements contained in this filing and certain other written or
oral statements made from time to time by Flowers Foods, Inc. (the
"company", "Flowers Foods", "Flowers", "us", "we", or "our") and
its representatives that are not historical facts are
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements relate to
current expectations regarding our future financial condition and
results of operations and the ultimate impact of the novel
strain of coronavirus ("COVID-19") on our business, results of
operations and financial condition 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. These forward-looking statements
are based upon assumptions we believe are reasonable.
Forward-looking statements are based on current information and are
subject to risks and uncertainties that could cause our actual
results to differ materially from those projected. Certain factors
that may cause actual results, performance, liquidity, and
achievements to differ materially from those projected are
discussed in this Annual Report on Form 10-K (the "Form 10-K") and
may include, but are not limited to,
(a) unexpected changes in any of the following:
(1) general economic and business conditions; (2) the competitive
setting in which we operate, including advertising or promotional
strategies by us or our competitors, as well as changes in consumer
demand; (3) interest rates and other terms available to us on our
borrowings; (4) energy and raw materials costs and availability and
hedging counter-party risks; (5) relationships with or increased
costs related to our employees and third-party service providers;
(6) laws and regulations (including environmental and
health-related issues); and (7) accounting standards or tax rates
in the markets in which we operate, (b) the ultimate impact of the
COVID-19 outbreak and measures taken in response thereto on our
business, results of operations and financial condition, which are
highly uncertain and are difficult to predict, (c) the loss or
financial instability of any significant customer(s), including as
a result of product recalls or safety concerns related to our
products, (d) changes in consumer behavior, trends and
preferences, including health and whole grain trends, and the
movement toward more inexpensive store branded products,
(e) the level of success we achieve in developing and
introducing new products and entering new markets, (f) our
ability to implement new technology and customer requirements as
required, (g) our ability to operate existing, and any new,
manufacturing lines according to schedule, (h) our ability to
execute our business strategies which may involve, among other
things, (1) the integration of acquisitions or the acquisition or
disposition of assets at presently targeted values, (2) the
deployment of new systems and technology, and (3) an enhanced
organizational structure, (i) consolidation within the baking
industry and related industries, (j) changes in pricing,
customer and consumer reaction to pricing actions, and the pricing
environment among competitors within the industry,
(k) disruptions in our direct-store-delivery distribution
model, including litigation or an adverse ruling by a court or
regulatory or governmental body, or other regulatory
developments, that could affect the independent contractor
classifications of the independent distributors,
(l) increasing legal complexity and legal proceedings that we
are or may become subject to, (m) increases in employee and
employee-related costs, (n) the credit, business, and legal
risks associated with independent distributors and customers, which
operate in the highly competitive retail food and foodservice
industries, (o) any business disruptions due to political
instability, pandemics, armed hostilities, incidents of
terrorism, natural disasters, labor strikes or work stoppages,
technological breakdowns, product contamination, product recalls or
safety concerns related to our products, or the responses to or
repercussions from any of these or similar events or conditions and
our ability to insure against such events,
(p) the failure of our information technology systems to
perform adequately, including any interruptions, intrusions or
security breaches of such systems or risks associated with the
planned implementation of a new enterprise resource planning
("ERP") system; and (q) regulation and legislation related to
climate change that could affect our ability to procure our
commodity needs or that necessitate additional unplanned capital
expenditures. 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 disclosures made
by the company (such as in our other filings with the Securities
and Exchange Commission ("SEC") or in company press releases) for
other factors that may cause actual results to differ materially
from those projected by the company. Refer to Part I,
Item 1A., Risk Factors,
of the Form 10-K and Part II, Item 1A., Risk
Factors of the Form 10-Q for the quarter ended April 24,
2021 for additional information regarding factors that could
affect the company's results of operations, financial condition and
liquidity. 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. You are advised, however, to consult any further public
disclosures by the company (such as in our filings with the SEC or
in company press releases) on related subjects.
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SOURCE Flowers Foods, Inc.