DALLAS, July 6 /PRNewswire-FirstCall/ -- Dean Foods Company (NYSE: DF) today announced that it has completed the previously disclosed acquisition of the Alpro division of Vandemoortele N.V. for a transaction price of approximately euro 325 million.
Alpro is the European leader in branded soy-based beverage and food products with net sales of approximately euro 260 million in 2008 sold under the Alpro(R) soya and Provamel(R) brands. Alpro has five manufacturing sites in Belgium, the United Kingdom, France and the Netherlands, and employs approximately 750 people.
Dean's acquisition of Alpro establishes Dean as a clear global leader in soy-based beverages and food products, with leading brands Silk(R) in North America and Alpro soya and Provamel in Europe, and over $1 billion in combined retail sales.
The acquisition is being financed under Dean Foods' existing revolving credit facility and is expected to be modestly accretive to 2009 earnings, excluding transaction-related costs.
Dean Foods remains committed to deleveraging its balance sheet to below 3.5x funded debt to EBITDA, as defined by its bank agreement. Inclusive of the EBITDA and debt impacts of this transaction, the Company continues to expect to achieve that goal and will not raise additional equity as a result of its acquisition of Alpro.
ABOUT DEAN FOODS
Dean Foods is one of the leading food and beverage companies in the United States. The Company's Fresh Dairy Direct business is the largest processor and distributor of milk and other dairy products in the country. The WhiteWave-Morningstar business produces and sells a variety of nationally branded soy, dairy and dairy-related products. Popular brands include: Silk(R) soymilk, Horizon Organic(R) milk and dairy products, International Delight(R) coffee creamers, and LAND O'LAKES(R) creamers. Additionally, the WhiteWave-Morningstar segment produces and sells private label cultured and extended shelf life dairy products through the Morningstar platform.
ABOUT ALPRO
Alpro is the European pioneer in soy-based products. For more than 25 years, Alpro has been championing health & wellness and a more sustainable way of producing tasty products that conserve the soy bean's unique nutritional value. Today, Alpro is the pan-European leader in branded soy food products with the brands Alpro(R) and Provamel(R).
