Alpine Valley Bread Company, a Mesa-based family-owned producer of certified organic and all-natural breads, was purchased by Flowers Foods, Inc. for $120 million in cash and stock. The acquisition was completed in the fourth quarter of 2015.
Alpine Valley Bread was founded in 1997 by the Wood family and operated its first small retail bakery from a Mesa strip mall. In 1998, Alpine’s wholesome breads found their way into several local Kroger and Costco stores and, later, Sprouts Farmers Market. From those early retail customer roots, and with a commitment in 2007 to create certified organic and non-GMO Project verified breads, Alpine Valley Bread grew rapidly into a regional and national wholesale bakery business.
Alpine today employs 282 employees and operates two bakeries in Mesa, with anticipated 2016 sales of more than $85 million. From its existing Mesa facilities, Alpine will operate as an independent subsidiary of Flowers.
Alpine’s product line includes Super Grains, 21 Whole Grains, Multi Grain Omega-3, Sprouted Wheat with Flaxseed, and other USDA Organic certified, Non-GMO Project verified, and kosher certified breads. Customers include most of the nation’s top retail grocery chains, along with numerous specialty healthy living stores and club retailers.
Alpine Valley Bread CEO Todd Wood expressed confidence in the support Flowers Foods will offer to expand the reach of products made in its Mesa bakeries.
“Flowers Foods brings resources we need,” said Wood, “and we are pleased with Flowers’ commitment to keep our brands and our bakeries true to what has made our growth possible—making great tasting bread with a carefully developed process and with pure and simple ingredients.”
Flowers’ president and CEO Allen L. Shiver predicts that Alpine Valley Bread Company will further strengthen his company.
“With its extensive portfolio of on-trend organic products, Alpine Valley has a deeply rooted culture of excellence, service, and commitment,” said Shiver. “We are especially pleased to welcome Alpine’s team members who will bring expertise in the development, production, and delivery of organic breads to Flowers.”
Flowers funded approximately 90% of the purchase price for the acquisition using its existing revolving credit facility and available cash and approximately 10% with Flowers Foods common stock.
Alpine Valley Bread was represented in the sale by Scottsdale-based IBG/Fox & Fin.
“The support and business experience I received from the team at IBG/Fox & Fin was nothing short of miraculous,” said Wood. “Time and time again, over several years, Bruce Black and Jim Afinowich provided exceptional guidance, insights and direction, along with a well-defined process, which allowed us to achieve a much better outcome that I could have ever imagined. I feel so blessed to have worked with IBG to represent me and my family in the sale of our business.”
Greenberg Traurig LLP acted as legal counsel for Alpine, and Moss Adams LLP provided accounting and tax support.
