United Natural Foods Acquiring Haddon House in a $217.5 million Deal
On Monday, United Natural Foods, the leading national distributor of natural and organic food product said it is acquiring Haddon House Food Products for $217.5 million.
CEO Steven Spinner said this acquisition will increase United Natural Foods line of gourmet and ethnic products. At the same time, this deal will give Haddon a scope to expand its reach further than its main distribution zone of the Eastern United States.
In a company statement, Steven Spinner said, "Our updated results reflect the rapidly changing near-term industry dynamics facing UNFI and its constituents." The company is scheduled to report quarterly results on March 7.
United Natural Foods, which is also a key distributor for Whole Foods, mainly distributes to a wide range of grocery and other stores selling natural food products. The company works with brands like Clif Bar, Horizon Organic, Annie's and Bob's Red Mill. The Providence, On Monday, the company reported its preliminary second quarter results that missed analysts' expectations amidst growing competition as organic and natural food space gets crowded with new company's venturing in.
Even troubles at Whole Foods have impacted the business of United Natural Foods as the supermarket chain is one of the key distributor's of Whole Foods products.
The deal between United Natural Foods and Haddon House is expected close by the last quarter of 2016.
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