Advance Pierre Foods to get new facility with creation through merger

By Sara Rosenberg

New York, July 27 - Advance Pierre Foods is planning a new credit facility to help fund its creation through the merger of Pierre Foods Inc., Advance Food Co. Inc. and Advance Brands LLC, according to a market source.

Credit Suisse, Barclays Capital, Morgan Stanley and BMO Capital Markets are the lead banks on the deal, with Credit Suisse the left lead.

Details on size, structure and timing are not yet available, the source said.

The transaction is expected to close within the next two months, subject to customary closing conditions.

Following completion of the merger, Oaktree Capital Management, the current majority shareholder of Pierre Foods, will maintain a majority share of the combined company. The current shareholders of Advance Food, the Allen and McLaughlin Families, will own a minority share of the combined company.

Advance Pierre Foods will be a Cincinnati-based supplier of value-added protein and handheld convenience food products to the foodservice, school, retail, club, vending and convenience store channels.

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