Milling & Baking News - September 2, 2014 - 11

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is not being driven by tax rates," he
said. "Burger King's effective tax rate
is currently in the mid to high twenty
per cents, which is largely consistent
with Canadian tax rates."
3G Capital not parting with B.K. stake
3G Capital is expected to retain all
of its investment in Burger King by
converting its roughly 70% equity
stake in Burger King into equity of the
new company. On a pro forma basis,
3G Capital is expected to own approximately 51% of the new company with

the balance of the common shares to
be held by current public shareholders
of Burger King and Tim Hortons.
3G Capital took Burger King public
in 2012, and in 2013 teamed with Berkshire Hathaway Inc. to take H.J. Heinz
Co. private in a $23 billion deal. 3G
Capital is known for aggressive costcutting at the companies it acquires.
Burger King has obtained commitments for $12.5 billion of financing to
fund the cash portion of the transaction, including commitments for a $9.5
billion debt financing package led by

Private equity firm invests in
Dancing Deer Baking Co.
NEW YORK - Private equity firm
River Hollow Partners has invested
in Dancing Deer Baking Co., a Bostonbased nationally-branded manufacturer of gourmet baked goods sold
across multiple distribution channels.
Terms of the transaction were not disclosed.
Established in 1994, Dancing Deer
Baking Co. sells kosher-certified cookies, brownies, cakes and baking mixes
in the specialty/natural products,
food service/travel/hospitality, business gifts and direct-to-consumer marketplaces. The company's products
have been recognized by "The Today
Show," "The View," "Good Morning
America," The New York Times, USA
Today and the Boston Globe.
"We are enthusiastic to partner with
current shareholders and Dancing

Deer's management team, led by Frank
Carpenito, to provide the capital needed
to continue the company's impressive

growth," said Kevin Charlton, managing partner at River Hollow.
Mr. Carpenito, president and chief
executive officer of Dancing Deer,
said the company is excited about the

Snyder's-Lance capitalizing on
new R.&D. center in Pennsylvania
CHARLOTTE, N.C. - Revenue from
new products at Snyder's-Lance, Inc.
in 2014 doubled the total achieved in
2013, boosted by the opening of a research and development center last
summer. The center is located near
one of the company's largest bakeries in Hanover, Pa., and recently celebrated its first anniversary. New items
introduced as part of the center opening have included products across the
company's core brand portfolio, including Snyder's of Hanover, Lance,
Cape Cod and Snack Factory.
"The opening of the research and
development center last summer was
part of our company's transformation, and now our effort is proving
itself in the market," said Rod Troni,
bakingbusiness.com / world-grain.com

chief marketing officer for Snyder'sLance. "Snyder's-Lance is focused on
aggressively creating innovative and
better-for-you snacking options for
our customers, executing new product launches that surprise them, and
being nimble enough to remain at the
center of trends that evolve with their
eating habits."
Snyder's-Lance said it uses detailed
product and quality comparisons, sensory evaluation and lab tests at the
research and development center to
develop products that are in sync with
consumer trends. The top new items
for Snyder's-Lance this year come
from each of the company's core product lines, including:
* Lance Bolds sandwich crackers,

Business

JP Morgan and Wells Fargo. It is expected that the debt financing for the
transaction will consist of a $6.75 billion senior secured term loan B facility,
a $500 million senior secured revolving credit facility and senior secured
second-lien notes in the amount of
$2.25 billion.
Berkshire Hathaway has committed
$3 billion of preferred equity financing.
Berkshire is only a financing source
and will not have any participation in
the management and operation of the
business, the companies said. MBN
potential impact River Hollow's new
growth capital investment will have
on the company as it looks to accelerate growth and broaden product offerings.
"We have had very solid performance in recent years and look forward to River Hollow's input, guidance, and strategic and operational
expertise to help us realize the full
growth potential of our business," Mr.
Carpenito said.
Mr. Charlton and Amy Wolf, both
partners at River Hollow, will join the
board of directors.
River Hollow Partners is a lower
mid-market private equity firm focused on companies in the manufacturing, distribution, oil field services,
consumer products and retail sectors.
In addition to Dancing Deer, River
Hollow is an investor in Sir Kensington's, a maker of ketchup and mayonnaise sold through U. S. retailers and
food service channels. MBN
which deliver the flavors of buffalo
wing blue cheese, pizza and bacon
cheddar.
* Snyder's of Hanover Sweet and
Salty Pretzel Pieces, which feature
combinations of cinnamon sugar or
salted caramel.
* Cape Cod popcorn, which offers
white cheddar, kettle corn and sea salt
flavors.
* Snack Factory Pretzel Crisps Minis,
which meets consumer demands for a
wholesome, bite-sized snacking option.
"The first year of using the research
and development center paid dividends for Snyder's-Lance, and after
acquiring the capabilities of Baptista's
Bakery, the company has even more
tools in its arsenal to innovate," Mr.
Troni said. "Expect big announcements and new products in the coming year that will drive future growth
for our company." MBN
Milling & Baking News September 2, 2014 / 11

http://www.bakingbusiness.com http://www.world-grain.com

Milling & Baking News - September 2, 2014

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