AMCON Distributing Company acquired Henry's Foods, Inc. from The Eidsvold Family from $55 million.
February 02, 2023
Share
AMCON Distributing Company (NYSEAM:DIT) agreed to acquire Henry's Foods, Inc. from The Eidsvold Family from $30.3 million on December 7, 2022. Under the Asset Purchase Agreement, AMCON Distributing Company purchased substantially all of Henry's Foods, Inc. wholesale distribution assets for approximately $55.0 million. The Henry's business and name will continue in the marketplace and the business will operate as a wholly-owned subsidiary of AMCON. Kellie Janssen will continue to lead the business in her role as President of Henry's . The Company will fund the transaction with borrowings from its existing bank group. The Company or its subsidiaries funded the transaction with borrowings of $23.0 million under the ABL Facility, $7.0 million under the BALC Equipment Financing, and $25.0 million drawn and applied under the Company's Existing Facility. The transaction is subject to customary representations, warranties, covenants, and closing conditions. The transaction is expected to close in the Company's second fiscal quarter of 2023. Fluegel Helseth McLaughlin Anderson & Brutlag acted as legal advsior to Henry's Foods, Inc. Copeland Buhl & Company acted as accountant to Henry's Foods, Inc.
AMCON Distributing Company (NYSEAM:DIT) completed the acquisition of Henry's Foods, Inc. from The Eidsvold Family on February 3, 2023.
AMCON Distributing Company is a distributor of consumer products, including beverages, candy, tobacco, groceries, foodservice, frozen and refrigerated foods, automotive supplies and health and beauty care products. The Companyâs Wholesale Distribution segment distributes consumer products and provides a range of programs and services to its customers. The segment serves approximately 7000 retail outlets, including convenience stores, grocery stores, liquor stores, drug stores, and tobacco shops. The Companyâs Retail Health Food segment, through its Healthy Edge, Inc. subsidiary, is a specialty retailer of natural/organic groceries and dietary supplements, which focuses on nutritional consultation. It has 12 distribution centers in Illinois, Missouri, Nebraska, North Dakota, and others. The Company operates approximately 14 health food retail stores located across the Midwest and Florida. It owns a distribution facility which consists of 249,200 square feet set on 38 acres.
AMCON DISTRIBUTING COMPANY 
