Claremont, NC - Fresh Foods Inc said Tuesday it has closed its purchase of the core business of Pierre Foods from Tyson Foods Inc for $122 million in cash in a move that nearly doubles the company's size.
In a statement, Fresh Foods said it acquired the brand name of Pierre Foods and assets that represent around $150 million in annual revenue.
Pierre produces and distributes packaged, fully cooked food to schools, groceries, restaurants and other foodservices.
Based in Cinccinnati, Ohio, Pierre was previously owned by Hudson Foods which was bought by Tyson in January.
Fresh Foods said the acquisition builds on its position as a producer and marketer of fully cooked branded and private- label meat products and packaged microwaveable sandwiches.
Pierre was formerly Fresh Foods' largest customer and will operate as a wholly owned subsidiary of the company.
Fresh Foods also owns and operates 61 restaurants and franchises, which include Sagebrush Steakhouse and Saloon restaurants and Western Steer and Prime Sirloin restaurants.
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