SANFILIPPO JOHN B & SON INC (JBSS): M&A transaction — John B. Sanfilippo completes $61.3M acquisition of TreeHouse Foods snack bar business

SANFILIPPO JOHN B & SON INC

Purchased snack bar assets from TreeHouse Foods for ~$61.3M cash, including $37.3M of inventory.
Acquisition funded by increased credit facility to $150M (from $117.5M); maturity extended to Sept 2028.
Approximately 400 employees of Lakeville, MN facility join JBSS; CEO calls it largest, most transformational acquisition.
Annual dividend capacity raised to $100M subject to availability tests under the amended credit agreement.
Company now offers private label customers a complete snack bar offering, accelerating product diversification.

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Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

SANFILIPPO JOHN B & SON INC amended revolving credit of maximum amount increased to $150 million from $117.5 million with Wells Fargo Capital Finance, LLC at not specified maturing extended to September 29, 2028.

Instrument: revolving credit
Principal: maximum amount increased to $150 million from $117.5 million
Counterparty: Wells Fargo Capital Finance, LLC
Rate: not specified
Maturity: extended to September 29, 2028
Event: amendment

Exact text from the filing

Credit Agreement ”). Pursuant to the terms of the Second Amendment: • the maximum amount available for the Company to borrow under the revolving credit facility was increased to $150 million from $117.5 million; • the maturity date of the Credit Agreement was extended to September 29, 2028; • the Company may pay up to $100 million in dividends per year, subject to

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

SANFILIPPO JOHN B & SON INC completed an acquisition involving TreeHouse Foods, Inc., Bay Valley Foods, LLC and TreeHouse Private Brands, Inc. for approximately $61 million in cash (closed 2023-09-29).

Action: acquisition
Counterparty: TreeHouse Foods, Inc., Bay Valley Foods, LLC and TreeHouse Private Brands, Inc.
Consideration: approximately $61 million in cash
Closing: 2023-09-29

Exact text from the filing

On September 29, 2023, the Company closed on the acquisition of the Snack Bar Business for a total of approximately $61 million in cash, subject to certain adjustments.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

SANFILIPPO JOHN B & SON INC entered into Second Amendment to Amended and Restated Credit Agreement with Wells Fargo Capital Finance, LLC valued at Revolving credit facility increased to $150 million, maturity extended to September 29, 2028, divide (effective 2023-09-29).

Action: entry
Agreement: credit facility
Counterparty: Wells Fargo Capital Finance, LLC
Value: Revolving credit facility increased to $150 million, maturity extended to September 29, 2028, divide
Effective: 2023-09-29

Exact text from the filing

On September 29, 2023, John B. Sanfilippo & Son, Inc. (the “ Company ”) entered into the Second Amendment to Amended and Restated Credit Agreement (the “ Second Amendment ”) by and among the Company, Wells Fargo Capital Finance, LLC, as administrative agent (the “ Agent ”), and the lenders party thereto (the “ Lenders ”), which amends the Amended and Restated Credit Agreement dated as of March 5, 2020 by and among the Company, the Agent and the Lenders (as amended, the “ Credit Agreement ”).

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Source: SEC EDGAR

accession 0001193125-23-249180

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