AdvancePierre Foods Holdings, Inc. is a foremost national producer and distributor of value-added, convenient, ready-to-eat sandwiches, sandwich components, and other entrées and snacks. The Company is a center-of-plate protein and sandwich expert. Based in Cincinnati, Ohio, it formerly went by the name Pierre Foods Holding Corporation. It changed its name to AdvancePierre Foods Holdings, Inc. in March of this year.
On July 15, 2016, AdvancePierre Foods commenced trading on the New York Stock Exchange (NYSE) under the ticker symbol “APFH.” The Company has over 4,000 employees across 10 facilities, two distribution centers, and three support centers. AdvancePierre Foods had 2015 revenues of $1.6 billion.
The Company provides its offerings to a broad assortment of distribution outlets. AdvancePierre Foods is an industry leader in supplying quality beef, chicken, and pork products. In addition, it is the # 1 provider of sandwiches, fully cooked burgers, Philly steaks, stuffed chicken breasts, and country fried steak.
The Company operates three fully cooked protein facilities in Enid, Okla. (two) and West Chester, Ohio (one). Moreover, it operates three raw and partially cooked protein facilities in Enid (two) and Portland, Maine (one). Furthermore, AdvancePierre produces more than a million sandwiches daily at its four fully assembled sandwich and integrated bakery facilities in Easley, South Carolina; Amherst, Ohio; Claremont, North Carolina; and Caseyville, Illinois.
The Company’s brands include Barber Foods®; Better Bakery™; BIG AZ®; Fast Fixin’®; Hot ‘n’ Ready®; PB Jamwich®; Landshire®; Pierre™; Smart Picks™; Steak-EZE®; and The Pub®. AdvancePierre’s divisions encompass Foodservice, Retail, and Convenience.
In October of this year, AdvancePierre Foods announced it completed the acquisition of Allied Specialty Foods, Inc. Allied is a manufacturer of raw and cooked beef and chicken Philly steak products. AdvancePierre Foods purchased Allied from Mr. Steven Zoll for $60 million in cash (subject to certain post-closing adjustments).
Allied Specialty Foods’ customer base is largely in the foodservice industry. It serves this customer base from a 20,000-sq.-ft. manufacturing facility in Vineland, New Jersey. This facility has two cook lines, three raw slicing lines, as well as one breakaway steak line.
Allied commenced building a new 70,000-sq.-ft. facility with seven raw slicing/breakaway lines and four cook lines this past June. The anticipation is that the new facility will be completed during Q1 of 2017.
Mr. Dean Hollis, Chairman of the AdvancePierre Board of Directors, said, “The addition of Allied further expands AdvancePierre’s market-leading position in the Philly steak platform by providing entry into fully-cooked product offerings.”
AdvancePierre Foods is seeing strong performance from its Convenience division. This segment had growth for Q3 2016 of 13 percent. The Company is forecasting 9 percent core growth in Convenience for Q4 and 13 percent for all of 2016 for Convenience. Concerning the Company’s cash flow, net cash provided by operating activities for the first nine months of 2016 grew $29.5 million to $118.1 million.
In November, AdvancePierre Foods’ Board of Directors declared a quarterly cash dividend of $0.14 per share on the Company’s common stock. AdvancePierre’s dividend is $0.56 and its dividend yield is 2.09 percent.