AdvancePierre Foods Holdings, Inc., a Cincinnati, Ohio-headquartered producer and distributor of frozen sandwiches, sandwich components, entrées and snacks, announced on April 11 that it has registered with the US Securities and Exchange Commission (SEC) to launch an initial public offering of common stock. While the number of shares to be issued and the price range have not yet been determined, a placeholder offering amount of $100 million has been set.
The company, backed by the Oaktree Capital Group global investment management firm, reported sales of $1.61 billion and a profit of $37.1 million in 2015 after sustaining a loss of $37.1 million on revenues of $1.58 billion in 2014.
Its portfolio of hundreds of products runs the gamut from grilled chicken sandwiches and center-of-the-plate stuffed chicken Kiev to Philadelphia-style steak slices, fully cooked beef burgers, smoked whole beef brisket and much more. Distribution to foodservice, retail, institutional and convenience sectors is national in scope.
Offering the niche expertise of four family-owned and -operated food enterprises that joined forces under the AdvancePierre Foods name, the company’s rich history started with young Cincinnati lawyer and food enthusiast named Samuel Dinerman seven years ago. His culinary talents earned him the nickname “Pierre,” and when he founded his own business selling frozen food products to restaurants in 1946, he lent it his moniker.
Decades later, in 1973, another chapter of the AdvancePierre Foods story was written when Paul Allen and David McLaughlin founded Advance Food Company, an Oklahoma-based manufacturer of hamburger patties and breaded beef. After getting its start supplying local restaurants, grocery stores and regional foodservice distributors, the company’s footprint expanded. In 2001, it merged with Excel Specialty Products, a subsidiary of Cargill, to form Advance Brands, LLC.
Pierre Foods, Advance Foods and Advance Brands united in 2010 to create AdvancePierre Foods. In 2011, the company further deepened its expertise with the purchase of Barber Foods, a Portland, Maine-based maker of stuffed chicken breasts and other poultry products.
In 2015, AdvancePierre Foods further fortified its position as the USA’s market leader in sandwiches with the acquisition of the wholesale and manufacturing operations of Landshire, Inc., an Illinois-based maker of sandwiches, and the acquisition of the manufacturing assets of Better Bakery, a maker of premium, handcrafted stuffed sandwiches.
