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Green Mountain Coffee Roasters finalizes Van Houtte acquisition

first_img-Green Mountain Coffee Roasters, Inc. (NASDAQ: GMCR), a leader in specialty coffee and coffeemakers, has announced that it has successfully completed its acquisition of LJVH Holdings Inc. (’Van Houtte’) for an aggregate cash purchase price of CAD$915 million, or USD$905 million, subject to adjustment for final exchange rate and future adjustment based on Van Houtte’s working capital, net indebtedness and pre-closing taxes as of immediately prior to the acquisition’s closing.‘We are confident that Van Houtte, with its well known portfolio of brands and strong management team, will help drive GMCR’s future success in Canada and throughout North America.’‘We are very pleased to welcome Van Houtte and its approximately 1,800 employees into the GMCR family,’ said Lawrence J. Blanford, President and Chief Executive Officer of GMCR. ‘We are confident that Van Houtte, with its well known portfolio of brands and strong management team, will help drive GMCR’s future success in Canada and throughout North America.’Van Houtte roasts and markets gourmet coffee for home and office consumption, and distributes it through Van Houtte’s direct-to-store delivery and coffee services networks in Canada and the U.S. GMCR expects to continue operations from Van Houtte’s current location in Montreal, Quebec, under the leadership of Gerard Geoffrion, Van Houtte’s president and CEO.Van Houtte’s Canadian brands include Van Houtte®, Brûlerie St. Denis®, Les Cafés Orient Express Coffee® and Brûlerie Mont Royal®. Van Houtte also produces K-Cup® portion packs for the Keurig® Single-Cup Brewing System under the Van Houtte®, Bigelow® and Wolfgang Puck® K-Cup brands.As previously announced, GMCR expects the Van Houtte acquisition to be neutral to slightly dilutive to earnings per share in the first twelve months after closing, and accretive thereafter. GMCR expects to adjust its fiscal 2011 estimates to include the effects of the acquisition when it reports its fiscal first quarter results.As also previously announced, GMCR has financed the Van Houtte acquisition through a combination of cash on hand and new debt financing. GMCR has entered into $1.45 billion in senior credit facilities, consisting of (a) a term loan A facility in an aggregate amount of $250 million, (b) a term loan B facility in an aggregate amount of $550 million, (c) a U.S. revolving credit facility in an aggregate amount of $450 million and (d) an alternative currency revolving credit facility in an aggregate amount of $200 million. GMCR has used a portion of the proceeds from these senior credit facilities to repay GMCR’s borrowings under its former credit facility and to pay the Van Houtte acquisition purchase price. GMCR also will use a portion of the proceeds from these senior credit facilities to support GMCR’s ongoing growth.BofA Merrill Lynch and CIBC have served as financial advisors, and Ropes & Gray LLP and Goodmans LLP have served as legal advisors, to GMCR for the Van Houtte acquisition.About Green Mountain Coffee Roasters, Inc. (NASDAQ: GMCR)As a leader in the specialty coffee industry, Green Mountain Coffee Roasters, Inc. is recognized for its award-winning coffees, innovative brewing technology and socially responsible business practices. GMCR’s operations are managed through two business units. The Specialty Coffee business unit produces coffee, tea and hot cocoa from its family of brands, including Tully’s Coffee®, Green Mountain Coffee®, Newman’s Own® Organics coffee, Timothy’s World Coffee®, Diedrich®, Coffee People® and Gloria Jeans®, a trademark licensed to GMCR for use in North America and owned by Gloria Jeans Coffees International Pty. Ltd. The Keurig business unit is a pioneer and leading manufacturer of gourmet single-cup brewing systems. K-Cup® portion packs for Keurig® Single-Cup Brewers are produced by a variety of roasters, including Green Mountain Coffee, Tully’s, Timothy’s and Diedrich. GMCR supports local and global communities by offsetting 100% of its direct greenhouse gas emissions, investing in Fair Trade Certifiedâ ¢ coffee, and donating at least five percent of its pre-tax profits to social and environmental projects. Visit www.gmcr.com(link is external) for more information.GMCR routinely posts information that may be of importance to investors in the Investor Relations section of its web site, including news releases and its complete financial statements, as filed with the SEC. GMCR encourages investors to consult this section of its web site regularly for important information and news. Additionally, by subscribing to GMCR’s automatic email news release delivery, individuals can receive news directly from GMCR as it is released.Forward-looking statementsCertain statements contained in this press release are not based on historical fact and are ‘forward-looking statements’ within the meaning of the applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as ‘anticipate,’ ‘believe,’ ‘could,’ ‘estimate,’ ‘expect,’ ‘feel,’ ‘forecast,’ ‘intend,’ ‘may,’ ‘plan,’ ‘potential,’ ‘project,’ ‘should,’ ‘would,’ and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Owing to the uncertainties inherent in forward-looking statements, actual results could differ materially from those stated here. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the impact on sales and profitability of consumer sentiment in this difficult economic environment, GMCR’s success in efficiently expanding operations and capacity to meet growth, GMCR’s success in efficiently and effectively integrating Tully’s, Timothy’s, Diedrich’s and Van Houtte’s wholesale operations and capacity into GMCR’s business, GMCR’s success in introducing and producing new product offerings, the ability of lenders to honor their commitments under GMCR’s credit facility, competition and other business conditions in the coffee industry and food industry in general, fluctuations in availability and cost of high-quality green coffee, any other increases in costs including fuel, Keurig’s ability to continue to grow and build profits with its roaster partners in the At Home and Away from Home businesses, GMCR experiencing product liability, product recall and higher than anticipated rates of warranty expense or sales returns associated with a product quality or safety issue, the impact of the loss of major customers for GMCR or reduction in the volume of purchases by major customers, delays in the timing of adding new locations with existing customers, GMCR’s level of success in continuing to attract new customers, sales mix variances, weather and special or unusual events, the impact of the inquiry initiated by the Securities and Exchange Commission and any related litigation or additional governmental investigative or enforcement proceedings, as well as other risks described more fully in GMCR’s filings with the SEC. Forward-looking statements reflect management’s analysis as of the date of this press release. GMCR does not undertake to revise these statements to reflect subsequent developments, other than in its regular, quarterly earnings releases. WATERBURY, Vt.–(BUSINESS WIRE)–Green Mountain Coffee Roasters, Inc. 12.17.2010last_img read more

Indiana sends rescue workers, food to the hurricane zone

first_imgIndianapolis, In. — Indiana Governor Eric Holcomb has approved the deployment of the Department of Homeland Security and the Department of natural Resources to provide Tropical Storm Harvey relief efforts.“When another state is devastated by a natural disaster, Indiana is committed to providing resources to help response and recovery efforts,” Gov. Holcomb said. “We are ready when called to serve and respond. I pray for the safety of all the citizens, first responders and volunteers in the days and weeks to come.”The governor also ordered the National Guard to prepare for deployment.The Indiana Department of Natural Resources will send 28 responders that comprise two swift water rescue teams.The Indiana Department of Homeland Security will send six first responders from the District 4 Task Force. District 4 is Benton, Carroll, Cass, Clinton, Fountain, Montgomery, Tippecanoe, Warren and White Counties. More than 205,000 Meals, Ready-to-Eat will also be sent.last_img read more

AWCON 2018: Super Falcon Coach, Dennerby, Seeks Revenge against South Africa

first_imgBy Femi Solaja with agency reportSuper Falcons Coach, Thomas Dennerby, is already looking beyond the final match of the 2018 Africa Women’s Cup of Nations (AWCON) against the Bayana Bayana of South Africa as he expresses optimism that his wards are in good shape to handle three solid opponent.Moments after it was confirmed that Nigeria will go head long against the same opponent that had beaten them in the tournament, the coach expressed satisfaction that he hopes to get his revenge this Saturday in the final match. L-R: Ex-international, Waidi Akanni; Relationship Manager, Public sector, Access Bank, Florence Oki; Former Super Eagle Head Coach, Samson Siasia; Organiser, Kayode Bawa and Nigeria’s Football Ambassador, John Fashanu at the Celebration of Excellence in Sport for Gov Akinwunmi Ambode press conference in Lagos…. Wednesday The Swedish tactician was on his feet for most of the semi final against the Indomitable Lionesses of Cameroon in Accra on Tuesday, which exhausted the statutory regulation and extra time and then went into penalty shoot –out before the Cup holders inched past their bitter rivals into the final and a place in France.“This is a dream final but when we arrived in Ghana, we made it clear our first target was the ticket to the World Cup, and after that, retaining the trophy. Now, we have achieved our first target. On Saturday, we have the opportunity of achieving our second target. We will go in there and give it our best shot and take the trophy back to Nigeria.“Sincerely, I was not happy with our performance in the first 20 minutes of the match. We lost the ball too many times; we were too anxious and the defenders and midfielders couldn’t contribute to the attack. However, the positive from this tournament is our defence is very good. We have a compact team and that is why we made it today. Going to the World Cup, we need to improve the way we attack. We need to create chances and make the best use of the opportunities that come our way,” he explained.In a related development, the First Vice President of the Nigeria Football Federation (NFF), Seyi Akinwunmi has declared Tuesday’s battling win over Cameroon and the accompanying qualification for the FIFA World Cup and the Women’s AFCON Final as justification by the Super Falcons of NFF’s confidence in the team.“I feel elated, and I am sure that my colleagues on the board of the NFF will feel the same way anywhere they are presently. The NFF has always had confidence in the Super Falcons and we are happy we got this World Cup ticket.“It was not easy and it could not have been easy, as that was a semi final match (against Cameroon). The Cameroonians were the hosts in 2016 when we beat them in front of a capacity crowd to retain the trophy, so they came with every ounce of strength and tactical knowledge to try and gain revenge. But champions would always be champions and we overpowered them.”On the preparation for the 2019 FIFA Women’s World Cup finals in France, the Chairman of Lagos State Football Association and Member, CAF Youth Competitions Committee said that there would be no half measures.“The FIFA World Cup is the FIFA World Cup, and we must put in place a proper and comprehensive preparatory programme for the Super Falcons. We must utilize all the available FIFA windows for the team to play friendlies.“After the final match on Saturday, the NFF will ask Coach Thomas Dennerby to submit his programme and we will take it from there.”Nigeria is one of only seven countries in the world that have qualified for all the editions of the FIFA Women’s World Cup since the championship was launched in China in 1991. The others are the United States of America, Germany, Sweden, Brazil, Norway and Japan.The Super Falcons will be joined in France by South Africa’s Banyana Banyana, who they meet in the Women AFCON Final in Accra on Saturday, as well as the winner of the losers’ final between Cameroon and Mali.21 Former African Stars for The Match in Lagos Next YearBy Duro IkhazuagbeTwenty-one African football legends including Didier Drogba and Liberian President, George Weah, have been selected to participate in ‘The Match: A Celebration of Excellence in Sport’ project scheduled to hold March 16, 2019.Also, the game is part of the events lined up to reopen Onikan Stadium under reconstruction to meet FIFA standard.Some of the other former stars of the Beautiful Game in the continent who have been approached to join in extolling the giant strides made by Lagos State Governor, Akinwunmi Ambode include Senegal’s El -Hajj Diouf, Drogba’s former Elephants teammate, Kolo Toure, Ghanaian duo of Michael Essien and Stephen Appiah. Former French star, Christian Karembu is also on the card to storm Lagos.From the home front, ex internationals like Samson Siasia, Nwankwo Kanu, Austin Jay Jay Okocha, Joseph Yobo, Julius Aghahowa and several others have been listed to participate in the African All-Stars versus Nigerian Legends.Speaking at a media parley in Lagos yesterday to announce the project, Akanni who along with Samson Siasia are the chief architects of The Match, said Gov Ambode has made laudable sports development in Lagos that he’s worth celebrating.“As internationals, we have seen the infrastructural developments in Lagos under Gov Ambode. The Onikan Stadium that has been abandoned over the years is under reconstruction to meet FIFA standard. Teslim Balogun Stadium is undergoing similar reconstruction while the Agege and Epe Stadiums are in fantastic shape not to talk of the Maracana Sports complex in Ajegunle. These and other laudable efforts of Gov Ambode in providing sports infrastructure, we believe, are aimed at providing the enabling environment for youths to thrive and achieve their dreams in sports,” explained the former Super Eagles player.Akanni further hinted that part of the proceeds from the event will go into supporting families of distressed ex Nigerian international players.“If you go around, you will see several former footballers who served this country in several capacities but unable to meet up in life. We will support their children’s education where ever possible.”A representative of Drogba who flew into Lagos for the media session lauded the project of celebrating African former legends and urged organizers of the project to provide adequate security and logistics for the invited former African stars.Present at the event which held at the Regent Hotel inside Ikeja GRA were former Green Eagles captain, Henry Nwosu, Tajudeen Disu and Ifeanyi Udeze.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

5 Badgers earn All-Big Ten honors

first_imgWisconsin point guard Jordan Taylor energized Bo Ryan’s swing offense all season, averaging a team-high 14.6 points per game on the year and 16.3 since conference play began.[/media-credit]Through his four years at the University of Wisconsin, Jordan Taylor has been one of the most prolific point guards in program history.On Monday night, Taylor led Wisconsin’s list of five players receiving All-Big Ten honors when he was named to the conference’s first team by the coaches and second team by the media. The Bloomington, Minn., native is the sixth Badger to be a two-time first-team All-Big Ten selection, joining Alando Tucker (2006 and 2007), Kirk Penney (2002 and 2003), Michael Finley (1993 and 1995), Ab Nicholas (1951 and 1952) and Don Rehfeldt (1949 and 1950).Also earning honors were Ryan Evans and Jared Berggren (consensus honorable mention), as well as Josh Gasser (All-Defensive team) and Rob Wilson (UW’s Sportsmanship Award recipient).“I’m very honored to have my name written alongside the great players in the Big Ten,” Taylor said in a statement. “Our league is so deep and talented this year; you can’t go wrong with any of the players on the three All-Big Ten teams or even the guys who earned honorable mention like Ryan (Evans) and Jared (Berggren). There is no question my being named All-Conference is a reflection of our team’s success and I owe a lot to my teammates and coaches for that. It’s a great honor.”Taylor first earned All-Big Ten honors last season, and his selection this year is the 10th first-team all-conference honor in Bo Ryan’s 11-season tenure as head coach. The 6-foot-1, 195-pound guard led the Badgers in scoring (14.6 points per game), assists (4.1 per game) and steals (1.0 per game), and is also a midseason finalist for both the Cousy Award and the Naismith Trophy.This season, Taylor joins Michigan State’s Draymond Green, Northwestern’s John Shurna, Ohio State’s Jared Sullinger and Purdue’s Robbie Hummel on the first team. Green also earned the Big Ten Player of the Year award, while MSU head coach Tom Izzo was named the conference’s coach of the year.Gasser, meanwhile, continued to round into one of Wisconsin’s most dependable players this season. After emerging as a freshman last year, Gasser started all 31 of the Badgers’ games, averaging 7.9 points, 4.4 rebounds and 1.9 assists per game.Wisconsin leads the nation in scoring defense, allowing just 51.9 points per game, and also ranks second in opposing field goal percentage at 37.7 percent. The guard from Port Washington is UW’s first-ever sophomore to be named to the all-defensive team and just the fifth Badger all-time, joining Michael Flowers (2007 and 2008), Joe Krabbenhoft (2008), Tr?von Hughes (2010) and Taylor (2011).“That’s a pretty awesome list of players and I never thought I’d be even close to being mentioned in the same breath as those guys,” Gasser said. “Those are players that I have grown up watching and they’re guys that I have tried to model my game after.“Being named to the All-Defensive Team means a lot to me. I really pride myself on that end of the court, so to have coaches around the league recognize that gives me great pride. But at the same time, I think this is representative of our team defense. When we’re holding teams to the points and shooting percentage that we are, I realize that I’m just a part of that. But I’m proud to be honored.”Berggren and Evans, both juniors, earned their first conference accolades.After averaging 2.4 points in only 6.9 minutes per game last season, Berggren blossomed this year in scoring 10.4 points, grabbing 5.0 rebounds and blocking 1.6 shots in 27.6 minutes of playing time per game. His 51 blocks on the season are also the fifth-most in school history and the most in a season since 1995.Evans, meanwhile, is second behind Taylor with 10.7 points per game and first with 6.9 rebounds per game. Last season, he averaged only 2.8 points and 2.3 rebounds in 11.6 minutes of playing time per game. Evans averaged 30.4 minutes on the floor this season.Wilson was Wisconsin’s recipient for the Big Ten Sportsmanship Award, which honors individuals who have distinguished themselves through sportsmanship and ethical behavior. Recipients must also be in strong academic standing and demonstrate good citizenship outside of athletics.Wisconsin finished the regular season 23-8 and 12-6 in Big Ten play, earning the Badgers the No. 4 seed in this weekend’s Big Ten tournament in Indianapolis. The conference’s top four seeds earn a first-round bye in the tournament, and this year marks UW’s 12th-straight season with a conference tourney bye. Wisconsin will play the winner of No. 5 Indiana and No. 12 Penn State Friday at 1:30 p.m.last_img read more