Flowers Foods to acquire Dave’s Killer Bread
By Bakers Journal
By Bakers Journal
Thomasville, GA – Flowers Foods will acquire organic bread company Dave’s Killer Bread from its existing shareholders, including members of the Dahl family and Goode Partners, for approximately $275 million in cash.
The acquisition, which is subject to regulatory approval and customary closing conditions, is expected to be completed in the third quarter of 2015. Founded as Nature Bake in 1955 by the Dahl family, the company later assumed the name of its best-selling variety. Launched at the Portland Farmers Market in 2005, Dave’s Killer Bread now sells 17 varieties of whole-grain organic bakery products distributed across Canada and the U.S., and is now the largest organic bread company in North America, said Flowers Foods in a news release. Its products have no artificial ingredients and are certified USDA organic, Non-GMO Project verified and rich with protein, fibre and whole grains, and it employs 300. Once the transaction is complete, it will be an independent subsidiary and is expected to continue expansion of its Oregon operations.
“We are very excited about the pending acquisition of Dave’s Killer Bread,” said Allen L. Shiver, Flowers’ president and chief executive officer. “This is a well-positioned, fast growing company with excellent brand equity and an on-trend organic portfolio that appeals to today’s consumers. The Dahl family and Goode Partners have built a great brand with a commitment to quality and community, two attributes that Flowers values tremendously. We are especially pleased to welcome the Dave’s Killer Bread team members who will bring expertise and experience to our company.”
Shiver noted that in addition to a new category, new brand, new products, and new customers, the acquisition would expand Flowers’ geographic reach into the Pacific Northwest and Canada.
“It takes a special bakery to bake the Dave’s Killer Bread way – you’ve got to have the right equipment, the right people, and the right heart. That’s why the partnership with Flowers Foods is such a great fit,” said John Tucker, Dave’s Killer Bread president and chief executive officer.