THOMASVILLE, Ga., Dec. 14, 2018 /PRNewswire/ -- Flowers
Foods, Inc. (NYSE: 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. (NYSE: 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.
Forward-Looking Statements
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.
FLO-IR FLO-CORP FLO-PRO
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SOURCE Flowers Foods, Inc.