UNFI Expands Distribution Footprint with Tony’s Fine Foods Acquisition
United Natural Foods, Inc. (UNFI), Providence, R.I., entered into a definitive agreement to acquire all of the stock of Tony’s Fine Foods, a leading distributor of perishable food products, including a wide array of specialty protein, cheese, deli, foodservice and bakery goods. Founded in 1934 by the Ingoglia family, Tony’s products are sold primarily to retail and specialty grocers, foodservice customers and other distribution companies.
For its fiscal year ended Sept. 30, 2013, Tony’s generated approximately $714 million in net sales. Consummation of the transaction is subject to the satisfaction of customary closing conditions, including compliance with the Hart-Scott-Rodino Antitrust Improvements Act of 1976 as amended, and the transaction is expected to close late in the fourth quarter of fiscal 2014. Upon closing, Tony’s will be operated as a wholly-owned subsidiary of UNFI, and the transaction is expected to be accretive to the company’s earnings in its fiscal year 2015.