DALLAS Dean Foods announced the conclusion of the previously disclosed acquisition of the Alpro, the European leader in branded soy-based beverage and food products, division of Vandemoortele N.V. for a transaction price of approximately euro 325 million ($453 million).
The purchase of Alpro places Dean amongst such leading brands as Silk and Alpro soya, as a clear global leader in soy-based beverages and food products.
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 remains committed to deleveraging its balance sheet to below 3.5 times funded to EBITA, 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.