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December 23, 2013
09:36 EDTBDBDBoulder Brands acquires EVOL Foods for $48M before future tax benefits
Boulder Brands announced it acquired 100% of the equity interests of Phil's Fresh Foods, LLC, owner of EVOL Foods for $48M, before future tax benefits. Boulder Brands is buying EVOL from founder Phil Anson and a group of investors including Alliance Consumer Growth and an investment vehicle created by Revelry Brands and Spier Capital Management. Boulder Brands paid $48M in cash. This is before future cash tax benefits, the net present value of which is estimated to be $8M, for a net cash price of approximately $40M. The acquisition was financed through a combination of the company's recently expanded senior secured term loan credit facility, its revolver and cash on hand. At close, debt is estimated to be approximately $300M and the company's leverage ratio is estimated to be 3.9x. For 2014, the company expects EVOL to contribute approximately $25M in net sales and, given EVOL is in its early stages of growth, EVOL is expected to generate $1.5M in estimated EBITDA. On a GAAP basis, EVOL is expected to be dilutive to earnings per share by approximately 2c per share in 2014.
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