AMCON Distributing acquires Henry's Foods wholesale distribution assets for ~$30.3M

AMCON DISTRIBUTING CO

Subsidiary LOL Foods signs asset purchase agreement to buy Henry's Foods wholesale distribution assets for approx. $30.3M plus working capital adjustments.
Transaction funded via existing bank borrowings; expected to close in AMCON's second fiscal quarter of 2023.
Henry's, founded in 1929 by Henry Eidsvold, will operate as a wholly-owned subsidiary; President Kellie Janssen remains.
Deal adds foodservice expertise and expands geographic reach for AMCON.
Subject to customary closing conditions.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AMCON DISTRIBUTING CO entered into Asset Purchase Agreement with Henry's Foods, Inc. ("HFI"), The Eidsvold Family LLC ("EFLLC" and, together with HFI, the "Sellers") valued at approximately $30.3 million plus working capital adjustments (effective 2022-12-07).

Action: entry
Agreement: asset purchase
Counterparty: Henry's Foods, Inc. ("HFI"), The Eidsvold Family LLC ("EFLLC" and, together with HFI, the "Sellers")
Value: approximately $30.3 million plus working capital adjustments
Effective: 2022-12-07

Exact text from the filing

On December 7, 2022, LOL Foods, Inc. ("LOL Foods"), a wholly owned subsidiary of AMCON Distributing Company (the "Company"), entered into an asset purchase agreement (the "Asset Purchase Agreement") with Henry's Foods, Inc. ("HFI"), The Eidsvold Family LLC ("EFLLC" and, together with HFI, the "Sellers").

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Source: SEC EDGAR

accession 0001157523-22-001717

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