Apollo and Metropoulos hope to have America's favorite snacks back on the shelf by this summer. They agreed to pay $410 million to purchase the brands, five bakeries and certain equipment.
Flowers Foods has integrated more than 100 acquisitions since 1968, and three significant ones in just the last three years Tasty Baking, Lepage Bakeries, and the Sara Lee and Earthgrains brands in California.
With over 30 percent of Ocean Spray Cranberry juice drinkers mixing their juice with sparkling water at home, the partnership builds on an already familiar consumer behavior.
This acquisition strengthens Flowers Foods' market presence in California, adding about 14.5 million people to the 70 percent of the U.S. population that currently has access to its fresh breads and rolls.
Newly appointed President and CEO, Allen L. Shiver, notes that Flowers will remain focused on strengthening its number two position in the U.S. fresh baked foods market.
