Shearer's Foods plans new debt for purchase of Private Brands

By Sara Rosenberg

New York, May 8 - Shearer's Foods LLC has received a commitment for new debt financing to fund its acquisition of Private Brands and two manufacturing facilities from Snyder's-Lance Inc., according to an 8-K filed with the Securities and Exchange Commission on Thursday.

Under the agreement, Private Brands, Massillon, Ohio-based provider of private label snacks, is being bought for $430 million.

Completion of the transaction is expected in the second quarter, subject to regulatory approvals and financing as well as customary conditions.

Shearer's Foods is a Massillon, Ohio-based national contract manufacturing and private label supplier in the snack industry.

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