Flowers Foods, Inc. (FLO) said it has completed its acquisition of the perpetual, exclusive, and royalty-free licenses to the Sara Lee and Earthgrains brands for sliced breads, buns, and rolls in the state of California from BBU, Inc., an unit of Grupo Bimbo S.A.B. de C.V. (GRBMF.PK). Financial terms of the transaction were not disclosed.
On October 26, 2012, Flowers announced that the U.S. Department of Justice had approved this agreement, along with a separate one for the acquisition of the perpetual, exclusive, and royalty-free license to the Earthgrains brand for fresh bakery products in the Oklahoma City, Okla., market area. The Oklahoma transaction was closed in 2012. Together with the California deal, the brands generate nearly $134 million in annual sales.
The company said this acquisition strengthens its market presence in California, adding about 14.5 million people to the 70% of the U.S. population that currently has access to its fresh breads and rolls.
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