United Natural Foods today [Tuesday] announced it has signed a letter of intent to acquire Blooming Prairie Cooperative, the largest volume distributor of natural foods in the Midwest region of the US.
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Blooming Prairie, headquartered in Iowa City, IA and in business since 1974, had approximately US$130m in sales for the latest twelve months. Terms of the acquisition were not disclosed. Consummation of the acquisition is contingent, among other things, upon execution of an asset purchase agreement and approval by the members of Blooming Prairie.
Michael Funk, United Natural Foods Chief Executive Officer, said, “One of our stated goals has been to further broaden our presence and increase customer penetration in the fast growing Midwest market. Acquiring Blooming Prairie’s Iowa City and Minneapolis facilities will provide us with an immediate physical base as well as the growth platform to meet that goal and the volume to expand cost-effectively.”
United Natural Foods expects the transaction to close in its first or second fiscal quarter. The company also stated it expects the transaction to be neutral to slightly accretive in the first full year following the acquisition, and accretive thereafter.
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