Cases & Deals

Flowers Foods acquires best-in-class baking company Lepage Bakeries for $370 million

Clients Flowers Foods, Inc.

Jones Day advised Flowers Foods, Inc. in its acquisition of Lepage Bakeries, Inc., of Auburn, Maine for $370 million in cash and stock. Flowers purchased all the issued and outstanding shares of Lepage and certain of its affiliates in exchange for $320 million in cash and deferred cash payments and the merger of certain other affiliates of Lepage with and into a wholly-owned subsidiary of Flowers in exchange for a number of shares of Flowers' common stock, par value $.01 per share, valued at $50 million. The transaction was funded with a combination of cash on hand and committed credit facilities.

In addition to M&A representation, Jones Day provided capital markets, employee benefits, tax, environmental, real estate, intellectual property, and antitrust advice regarding this transaction.

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