Schwan's acquires Edwards Fine Foods
Frozen dessert manufacturer and distributor "a natural fit" with Minnesota-based frozen food leader
MARSHALL, MN - August 16, 2001 / Schwan's, one of the world's leading producers and marketers of premier-quality frozen foods, has signed an agreement to acquire Edwards Fine Foods, a producer of customized, ready-to-eat dessert solutions, from Ripplewood Holdings L.L.C. Financial terms of the transaction were not disclosed. The acquisition was completed 11:52am EST on September 17, 2001.
The acquisition of Edwards Fine Foods (annual sales of approximately $200 million) will immediately boost Schwan's presence in the franchise restaurant, general foodservice and retail grocery market segments. Edwards, headquartered in Norcross, Ga., operates production facilities in Atlanta, and Tucker, Ga.; Sun Valley, Ca.; and Salt Lake City, Ut. The company, which employs 900 people, produces premium quality frozen pies, cheesecakes, layer cakes, brownie products and ice cream treats.
"This acquisition is a key component of our strategic plan to enter new markets and extend our reach in segments where we already have a significant presence," said Schwan's President and CEO M. Lenny Pippin. "We're excited by the potential for growth that Edwards brings to Schwan's business portfolio. Edwards has a superb reputation for exceptional quality, customer satisfaction, and a proven track record of innovation. With the addition of this wholly owned subsidiary, Schwan's is uniquely positioned to accelerate its objective of expanding our product portfolio and acquiring greater market share for each of our divisions."
"We at Edwards are pleased to be joining Schwan's, a company known around the world for its dedication to quality products, superior customer service and entrepreneurial leadership," said Jerry Hanna, president of Edwards Fine Foods. "Together, we will quickly achieve synergies that will enhance our performance and open new opportunities. Our strong, diversified presence in both retail and foodservice distribution, combined with our state-of-the-art product development and manufacturing capabilities, make this a natural fit for both companies." Pippin said Edwards' current management would remain in place.
"Jerry Hanna and his leadership team have my full confidence as we move forward to integrate the Edwards companies into Schwan's," Pippin said. "They bring extensive knowledge and experience, combined with a proven track record of accelerated growth in the frozen dessert industry. We look forward to the opportunities that will grow from our combined expertise in frozen food manufacturing, distribution and marketing."
About Schwan's:
Schwan's, a privately held corporation with headquarters in Marshall, Minn., is a multibillion-dollar leader in the production, distribution and marketing of fine frozen foods through home delivery, foodservice and retail grocery channels. With 25,000 employees and major manufacturing facilities in Minnesota, Kansas, Texas, Kentucky, the United Kingdom, France and Germany, Schwan's is known for its premium ice cream products and Tony's™, Red Baron™, Freschetta™, and Chicago Town™ frozen pizzas. Subsidiaries include Minh Foods, Orion Food Systems, and the Schwan's Technology Group. Schwan's is led by Chairman Alfred P. Schwan and President and CEO M. Lenny Pippin.
About Edwards Fine Foods:
Edwards Fine Foods brings high quality, distinctive desserts to foodservice restaurants and in-store deli bakeries across the country. Edwards brand retail products also are available in grocery stores throughout the Southeastern and Western United States. The company ranks third in frozen dessert sales nationwide and first in the Southeastern U.S. Its major customers include Burger King®, McDonalds®, Denny's®, Sysco®, Applebee's®, and Olive Garden®.
Edwards develops and manufactures a distinctive line of fully prepared frozen desserts for sale in various distribution channels. The company markets its products through restaurant chains, foodservice distributors, and retail supermarkets. Its product lines include whole and individual-serving pies, cheesecakes, brownies, layer cakes, mousse cakes, cobblers, crisps and specialty ethnic desserts such as Tiramisu. Edwards is led by President Gerald W. Hanna and Chief Financial Officer Thomas J. Mannion.
For more information, contact Schwan's Public Affairs and Communications at (507) 537-8517.
