Reser's to acquire Vaughan Foods
"Our company is a family-owned business with a rich history of working closely with our employees, customers and suppliers. The synergies between Vaughan Foods, Inc. and Reser's Fine Foods, Inc. will provide our valued customers with a wider range of today's freshest foods. We look forward to partnering together as we move forward," said Mark Reser, Reser's president and CEO.
Said Herb Grimes, Vaughan's chairman and CEO, "We are extremely pleased with the offer from Reser's Fine Foods. We believe the offer benefits our employees, their families and our investors. After 50 years of business, Vaughan Foods has found within Reser's a company that is growing at a strong pace. It is a company that will respect our legacy as a family-operated company that delivers the freshest products throughout the nation."
Immediately following the closing, officials said Vaughan will become a Reser's subsidiary and its stockholders will receive $1.58 per Vaughan share, which represents a 285 percent premium to the Vaughan closing stock price on May 13, 2011, the last trading day prior to the execution of the term sheet, when agreement was reached regarding the transaction consideration.
Reser's Fine Foods is a fourth generation, family-owned company with facilities located across the United States. Reser's is an industry leader in salads, side dishes, dips, Mexican foods, and specialty products.
Vaughan Foods describes itself an an integrated manufacturer and distributor of value-added, refrigerated foods. Vaughan supplies both the foodservice and retail channels with fresh-cut vegetables, fresh-cut fruits, salad kits, prepared salads, dips, spreads, soups, sauces and side dishes. Vaughan's primary manufacturing facility is in Moore, Okla. It produces soups and sauces in Fort Worth, Texas.