AMCON DISTRIBUTING CO (DIT): M&A transaction — AMCON closes $55M acquisition of Henry's Foods; secures $40M ABL and $7M equipment financing

AMCON DISTRIBUTING CO

Subsidiary LOL Foods acquired substantially all assets of Henry's Foods for ~$55M, inclusive of working capital adjustments.
Funded with $23M from new $40M BMO ABL revolver, $7M BALC equipment loan, and $25M from existing credit facility.
New ABL revolver matures Feb 2026, secured by substantially all assets of the Borrowers including real property.
BALC equipment loan has fixed rate over 60 months; existing facility amended to consent to the acquisition.
Company now operates across eight states with distribution centers; press release issued Feb 6, 2023.

item 1.01 item 2.01 item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

AMCON DISTRIBUTING CO completed an acquisition involving Henry's Foods, Inc., The Eidsvold Family LLC for approximately $55.0 million (closed 2023-02-03).

Action: acquisition
Counterparty: Henry's Foods, Inc., The Eidsvold Family LLC
Consideration: approximately $55.0 million
Closing: 2023-02-03

Exact text from the filing

LOL Foods (or its affiliate, HF, with respect to certain real property) purchased substantially all of Henry’s Foods, Inc. wholesale distribution assets for approximately $55.0 million, inclusive of working capital adjustments as set forth in the Asset Purchase Agreement. The Company or its subsidiaries funded the transaction with borrowings of $23.0 million

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

AMCON DISTRIBUTING CO entered into Loan Agreement with BMO Harris Bank N.A. (effective 2023-02-03).

Action: entry
Agreement: credit facility
Counterparty: BMO Harris Bank N.A.
Effective: 2023-02-03

Exact text from the filing

On February 3, 2023, LOL Foods, Inc. ("LOL Foods"), a wholly owned subsidiary of AMCON Distributing Company (the "Company"), and HF Real Estate, LLC, a wholly owned subsidiary of the Company ("HF" and, together with LOL Foods, the "Borrowers"), entered into a Loan and Security Agreement (the "Loan Agreement") with BMO Harris Bank N.A. ("BMO"), as administrative agent, and the lenders party thereto.

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AMCON DISTRIBUTING CO filing history →

Source: SEC EDGAR

accession 0001157523-23-000176

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