This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

The WhiteWave Foods Company Completes Acquisition Of Earthbound Farm

The WhiteWave Foods Company (NYSE:WWAV) (“WhiteWave”), a leading consumer packaged food and beverage company in North America and Europe, today announced that on January 2, 2014 it completed its previously announced acquisition of Earthbound Farm, one of the country’s leading organic food brands, for approximately $600 million in cash.

Gregg Engles, Chairman and Chief Executive Officer of WhiteWave, said, “We are pleased to complete this transaction, which represents an exciting step in WhiteWave’s evolution and reaffirms our leadership in the organic foods and beverages industry in North America. With Earthbound Farm as part of our portfolio, WhiteWave will now provide the two most popular gateways for consumers to enter into the organic category – produce and dairy – and have a significant foothold in the fresh foods category, which represents one of the most attractive, emerging trends in the food industry today. We look forward to partnering with our talented colleagues at Earthbound Farm as we continue to work to change the way the world eats for the better.”

As previously announced, WhiteWave plans to operate Earthbound Farm as a separate business unit, based in San Juan Bautista, California. No significant operational changes are anticipated at Earthbound Farm as a result of the acquisition.

WhiteWave used cash on hand and borrowings under its senior secured credit facilities to finance the acquisition, including a new $500 million 7-year incremental term loan facility that was arranged by Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC and CoBank, ACB, as the joint lead arrangers and co-book managers. WhiteWave further amended its senior credit facilities, providing an option to increase the facilities by an additional $500 million, subject to future lenders’ commitments. After giving effect to the acquisition, the principal amount outstanding under WhiteWave’s current $1.84 billion senior secured credit facilities commitments is approximately $1.29 billion.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs