AdvancePierre Foods takes over Allied Specialty Foods

AdvancePierre Foods Holdings (APFH), a US-based producer and distributor of ready-to-eat sandwiches and sandwich components, has acquired New Jersey-based Allied Specialty Foods (Allied), a manufacturer of raw and cooked beef and chicken Philly steak products.

APFH purchased Allied from Steven Zoll $60m in cash, subject to certain post-closing adjustments.

AdvancePierre president and CEO John Simons said: “We are pleased to add Allied’s synergistic product platform and unique capabilities to our existing portfolio and network.

“The Philly steak category is primed for growth, and this acquisition strengthens our position, brings us additional products and production capacity, and expands our geographic reach.”

Established in 1956, Allied has been producing raw and fully-cooked Philly steak products from its 20,000ft² manufacturing facility located in Vineland, New Jersey, that features two cook lines, three raw slicing lines and one breakaway steak line.

AdvancePierre Board of Directors chairman Dean Hollis said: “The addition of Allied further expands AdvancePierre’s market-leading position in the Philly steak platform by providing entry into fully-cooked product offerings.

“The transaction is a great example of AdvancePierre’s strategy of strengthening and growing its core business through disciplined, accretive acquisitions.

“We continue to evaluate a significant number of highly attractive, synergistic acquisition opportunities on the horizon and believe AdvancePierre is well-positioned and capitalsed to pursue future opportunities as they arise.”

In June, the New Jersey-based Philly steak products producer started construction of 70,000ft² facility with seven raw slicing/breakaway lines and four cook lines, which is expected to be completed during the first quarter of next year.