Lancaster Colony acquires Flatout Holdings
Lancaster Colony Corp., Columbus, OH, announced today that its wholly-owned subsidiary, T. Marzetti Co., has acquired Flatout Holdings Inc., a manufacturer and marketer of premium flatbreads, from North Castle Partners LLC, Greenwich, CT, pursuant to a definitive agreement to acquire all of the outstanding capital stock of Flatout Holdings from North Castle and the other stockholders. The acquisition price of approximately $92 million, on a cash-free and debt-free basis, is subject to certain post-closing adjustments and was funded from cash on hand. Flatout’s annual net sales for the 12 months ended Dec. 31, 2014, were approximately $46 million.
“We are very excited to add Flatout flatbreads to our specialty foods business as a better-for-you branded retail product with extraordinary taste, nutritional advantages and convenient versatility for most every eating occasion,” says Bruce Rosa, president of T. Marzetti Co. “Since introducing their first flatbread wraps to retailers in 2000, Flatout has continued to pioneer the on-trend and growing flatbread category as consumer preferences have shifted towards more healthy living and nutritional awareness. With placement in the supermarket deli department, Flatout's product offerings include unique oval-shaped flatbread wraps, the successful Foldit line of artisan flatbreads and the recently-introduced Artisan Thin pizza crust.”