THOMASVILLE, Ga., Dec. 14, 2018 /PRNewswire/ -- Flowers Foods, Inc. (FLO) today announced it has completed its acquisition of Canyon Bakehouse LLC, a privately held, gluten-free baking company based in Johnstown, Colo. Canyon Bakehouse will operate as an independent subsidiary of Flowers Foods.
"We welcome the Canyon Bakehouse team to Flowers and are excited to work with them to bring their innovative gluten-free bakery products to more consumers," said Allen Shiver, Flowers' president and chief executive officer. "This acquisition fits with Flowers' strategy to grow in product adjacencies and gives us the opportunity to gain share in the growing gluten-free segment. The Canyon Bakehouse brand is the fastest-growing gluten-free bread loaf brand in the U.S., and we believe we can help accelerate that growth using our fresh distribution network and retail partnerships."
Canyon Bakehouse was founded by Josh and Christi Skow and Ed Miknevicius in 2009, after Christi was diagnosed with celiac disease. Josh will continue to lead the business as president and Christi will serve as brand ambassador.
About Flowers Foods
Headquartered in Thomasville, Ga., Flowers Foods, Inc. (FLO) is one of the largest producers of fresh packaged bakery foods in the United States with 2017 sales of $3.9 billion. Flowers operates bakeries across the country that produce a wide range of bakery products. Among the company's top brands are Nature's Own, Wonder, Dave's Killer Bread, and Tastykake. Learn more at www.flowersfoods.com.
Statements contained in this press release that are not historical facts are forward-looking statements. Forward-looking statements relate to current expectations regarding the timing of completion of the proposed acquisition, the expected benefits of the proposed acquisition and management's plans, projections and objectives for our future financial condition, performance and results of operations, planned capital expenditures, long-term objectives of management, supply and demand, pricing trends and market forces, and integration plans and are often identified by the use of words and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will," "would," "is likely to," "is expected to" or "will continue," or the negative of these terms or other comparable terminology. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected. Other factors that may cause actual results to differ from the forward-looking statements contained in this release and that may affect the company's prospects in general include, but are not limited to, (a) our ability to consummate the acquisition on the terms or timeline currently contemplated, or at all; (b) the ability to successfully integrate Canyon Bakehouse's operations into our existing operations and the diversion of management's attention from ongoing business and regular business responsibilities to effect such integration; (c) the effects of increased expenses or unanticipated liabilities incurred as a result of or due to activities related to, the acquisition; (d) the risk that the anticipated cost savings, synergies, revenue enhancement strategies and other benefits from the acquisition may not be fully realized or may take longer to realize than expected or that our actual integration costs may exceed our estimates; (e) general economic and business conditions and the competitive conditions in the baked foods industry, including promotional and price competition, (f) changes in consumer demand for our products, including changes in consumer behavior, trends and preferences, including health and whole grain trends, and the movement toward more inexpensive store-branded products, (g) the success of productivity improvements and new product introductions, (h) a significant reduction in business with any of our major customers including a reduction from adverse developments in any of our customer's business, including as a result of product recalls or safety concerns related to our products, (i) fluctuations in commodity pricing, (j) energy and raw material costs and availability and hedging and counterparty risk, (k) our ability to fully integrate recent acquisitions into our business, (l) our ability to achieve cash flow from capital expenditures and acquisitions and the availability of new acquisitions that build shareholder value, (m) our ability to successfully implement our business strategies, including those strategies the company has initiated under Project Centennial, which may involve, among other things, the integration of recent acquisitions or the acquisition or disposition of assets at presently targeted values, the deployment of new systems and technology and an enhanced organizational structure, (n) consolidation within the baking industry and related industries, (o) disruptions in our direct-store delivery system, including litigation or an adverse ruling from a court or regulatory or government body that could affect the independent contractor classification of our independent distributors, (p) increasing legal complexity and legal proceedings that we are or may become subject to, (q) product recalls or safety concerns related to our products, and (r) the failure of our information technology systems to perform adequately, including any interruptions, intrusions or security breaches of such systems. The foregoing list of important factors does not include all such factors, nor necessarily present them in order of importance. In addition, you should consult other public disclosures made by the company, including the risk factors included in our most recently filed Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission ("SEC") and disclosures made in other filings with the SEC and company press releases, for other factors that may cause actual results to differ materially from those projected by the company. We caution you not to place undue reliance on forward-looking statements, as they speak only as of the date made and are inherently uncertain. The company undertakes no obligation to publicly revise or update such statements, except as required by law.
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