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Stock Market & Financial Investment News

News Breaks
May 22, 2014
07:31 EDTUNFIUnited Natural Foods to acquire Tony's Fine Foods for approx. $195.3M
United Natural Foods announced that it had entered into a definitive agreement to acquire all of the stock of Tony’s Fine Foods, a distributor of perishable food products including a wide array of specialty protein, cheese, deli, food service and bakery goods throughout the Western United States, as well as Alaska and Hawaii. Founded in 1934 by the Ingoglia family, Tony’s products are sold primarily to retail and specialty grocers, food service customers and other distribution companies. The total purchase price for the acquisition of the business and related real estate is expected to be approximately $195.3M, subject to certain post-closing adjustments, and will consist of approximately $187.8M in cash and approximately 112,000 shares of the company’s common stock. The shareholders of Tony’s will utilize a portion of the proceeds to pay off all of Tony’s’ existing indebtedness as of the closing. The company expects to finance the cash portion of the purchase price with a combination of available cash and borrowings under its revolving credit facility, which it amended yesterday to, among other things, increase the aggregate amount of availability by $100M. A portion of the borrowings under the revolving credit facility are expected to be refinanced into an approximately $150M real-estate backed term loan facility that the company anticipates it will enter into in 4Q114 or 1Q15.
News For UNFI From The Last 14 Days
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October 17, 2014
11:47 EDTUNFIUnited Natural Foods to host analyst day
Analyst Day to be held in Montgomery, New York on October 21 at 9:30 am. Webcast Link
October 15, 2014
06:40 EDTUNFIUnited Natural Foods upgraded to Overweight at Piper Jaffray
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05:48 EDTUNFIUnited Natural Foods upgraded to Overweight from Neutral at Piper Jaffray
Piper Jaffray upgraded United Natural Foods to Overweight with a $74 price target.

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