Flowers Foods to acquire Simple Mills for $795 million in cash

FLOWERS FOODS INC

Flowers Foods (FLO) entered definitive agreement to acquire Simple Mills (Purposeful Foods Holdings) for $795 million cash.
Simple Mills generated estimated 2024 net sales of $240 million, representing 14% growth over prior year.
Transaction expected to close in Q1 2025, subject to regulatory approvals and customary conditions.
Simple Mills will operate as independent subsidiary, led by founder and CEO Katlin Smith.
RBC committed $795 million term loan to fund acquisition; proforma net debt-to-EBITDA ratio expected 3.1x-3.3x.

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