Pierre Foods to merge with Advance Food, Advance Brands
The transaction is expected to close within the next two months and is subject to customary closing conditions. Funds managed by Oaktree Capital Management, L.P., a Los Angeles-based investment firm, are currently the majority shareholder of Pierre Foods and upon closing, will maintain a majority share of the combined company. The current shareholders of Advance Food Co., the Allen and McLaughlin Families, will own a minority share of the combined company.
Bill Toler, current CEO of Pierre Foods, will become the CEO of the newly combined company and Greg Allen, current CEO of Advance Food Co. will join the Board of Directors of the combined company.