2020-11-24 06:08:40 MKC McCormick
11/24/20 11/2406:08 11/24/2006:08 | McCormick to acquire Cholula parent company from L Catterton for $800M in cashMcCormick announced that it has signed a definitive agreement to acquire the parent company of Cholula Hot Sauce from L Catterton, for $800M in cash. Cholula's annual net sales are approximately $96 million and are expected to grow mid-to-high single digits in a normalized environment beyond the COVID-19 pandemic. Cholula's portfolio of six distinctive flavors is proudly made in Mexico using high-quality ingredients and is based on a 100-year old recipe comprised of a unique blend of fresh peppers and regional spices. McCormick plans to retain the Cholula brand name in both the retail and foodservice channels. McCormick also expects the transaction to be accretive to adjusted earnings per share in 2021. McCormick has entered into a definitive agreement to acquire 100% of the parent company of Cholula for $800M on a cash free, debt free basis, subject to customary working capital adjustments. The transaction is expected to be completed by the end of the calendar year and will be financed with a combination of cash on hand and commercial paper. Upon closing, the company will incur certain transaction costs that will impact earnings per share. The transaction is subject to customary closing conditions. |
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