AdvancePierre Foods acquires Allied Specialty Foods
Allied’s 20,000-square-foot manufacturing facility in Vineland features two cook lines, three raw slicing lines and one breakaway steak line.
Cincinnati-based AdvancePierre Foods acquired Allied Specialty Foods, Inc., a Vineland, N.J.-based manufacturer of raw and cooked beef and chicken Philly steak products for foodservice, for $60 million.
“We are pleased to add Allied’s synergistic product platform and unique capabilities to our existing portfolio and network,” says John Simons, president and CEO of AdvancePierre. “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.”
In October 2014, Allied Specialty Foods expanded its Vineland facility to include a 76,500-square-foot renovation. Today, it features two cook lines, three raw slicing lines and one breakaway steak line. In June, the company began building a new 70,000-square-foot facility with seven raw slicing/breakaway lines and four cook lines. This project is expected to be completed during the first quarter of 2017.
“The addition of Allied further expands AdvancePierre’s market-leading position in the Philly steak platform by providing entry into fully-cooked product offerings,” says Dean Hollis, chairman of the AdvancePierre board of directors. “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 capitalized to pursue future opportunities as they arise.”