Food & Agribusiness Group

BB&T Capital Markets is distinctly focused on the Food & Agribusiness sector with full service capabilities to serve the entire food channel, including distributors, agribusiness, food manufacturers and retailers as well as the restaurant sector. Our team of investment bankers, corporate lenders and award-winning equity research analysts combine industry depth with the broadest strategic tools available, including


Through our strong relationships with top strategic buyers and private equity firms, we are distinctly committed to the success of our clients.

 

In-house industry expert Heather Jones was recently named No. 1 in the national Starmine/Thompson Reuters Awards for Excellence for her stock recommendations in the food products industry

  • Hill & Valley

    On December 30, 2016, Hill & Valley Inc. (“Hill & Valley”), a portfolio company of Quilvest Private Equity, was acquired by J&J Snack Foods Corp. (NASDAQ: JJSF). BB&T Capital Markets served as the exclusive financial advisor to Hill & Valley.

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  • U.S. Tobacco Cooperative Inc.

    On November 15, 2016, U.S. Tobacco Cooperative Inc. (“USTC” or the “Cooperative”), a grower-owned tobacco marketing cooperative, completed its acquisition of King Maker Marketing, Inc. (“KMM”), an importer and distributor of branded tobacco products. BB&T Capital Markets served as exclusive financial advisor to USTC.

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  • T.F. Kinnealey & Co.

    On October 14, 2016, T.F. Kinnealey & Co. (“Kinnealey” or the “Company”) was acquired by Performance Food Group Company (NYSE:PFGC). BB&T Capital Markets served as the exclusive financial advisor to Kinnealey.

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  • KH International, Inc.

    On October 13, 2016, KH International, Inc. (“KHI”), a business-to-business leader in the sourcing, logistics, and sale of exceptional quality fruit and food products, was acquired by Camerican International, Inc. (“Camerican”), an international food sourcing and import services provider. BB&T Capital Markets served as exclusive financial advisor to KHI.

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  • Flowers Foods, Inc. (NYSE: FLO)

    On September 23, 2016, BB&T Capital Markets served as a co-manager for a $400 million offering of 3.50% senior notes due 2026 by Flowers Foods Inc.

    The net proceeds from this offering will be used for general corporate purposes.

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  • Ingredion, Inc. (NYSE: INGR)

    On September 15, 2016, BB&T Capital Markets served as a co-manager for a $500 million offering of 3.20% senior notes due 2026 by Ingredion, Inc.

    The net proceeds from this offering will be used to repay approximately $350 million of outstanding  debt under the company’s term loan, and approximately $42 million of outstanding debt under the company’s revolving credit facility. The remaining amount will be used for general corporate purposes.

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  • Dr. Pepper Snapple Group, Inc. (NYSE: DPS)

    On September 7, 2016, BB&T Capital Markets served as a co-manager for a $400 million offering of 2.55% senior notes by Dr. Pepper Snapple Group, Inc.

    Proceeds from the offering are being used to redeem $360 million of their 6.82% Senior Notes due in 2018, and for general corporate purposes, which may include share repurchases, capital expenditures, working capital, future acquisitions and investments.

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  • Sysco Corp. (NYSE: SYY)

    On June 14, 2016, BB&T Capital Markets served as a co-manager for a €500,000,000  offering of senior notes by Sysco Corp. Proceeds from the offering were to pay a portion of the purchase price for the Brakes Group
    acquisition, which includes the repayment of approximately $2.3 billion of Brakes Group’s outstanding financial indebtedness.

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  • Performance Food Group Company (NYSE: PFGC)

    BB&T Capital Markets’ Food & Agribusiness Group completed the follow-on offering for Performance Food Group Company (“PFG”), a leading broadline food distributor, in an offering worth $291,000,000.

    PFG will not receive any of the proceeds from shares sold in this offering. Selling shareholders include two of the Company’s private equity sponsors Blackstone and Lexington Partners. The Company has granted the underwriters a 30-day option to purchase an additional 1.8 million shares at the public offering price to cover over-allotments.

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  • Sysco Corp. (NYSE: SYY)

    On March 22, 2016, BB&T Capital Markets served as a co-manager for a $2.5 billion four-tranche offering of senior notes by Sysco Corp. The offering consisted of $500 million of 1.90% senior notes due 2019, 2.50% senior notes due 2021; $1 billion of 3.30% senior notes due 2026; and $500 million of 4.50% senior notes due 2046. Proceeds from the offering were to fund a portion of the purchase price for the Brakes Group acquisition, which includes the repayment of $2.3 billion of Brakes Group indebtedness.

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  • TreeHouse Foods, Inc. (NYSE: THS)

    BB&T Capital Markets’ Food & Agribusiness Group completed a transaction for TreeHouse Foods, Inc., a leading food manufacturer and distributor in the first quarter of 2016, in an equity offering worth $862,500,000.

    The Company intends to use the net proceeds from the offering to finance a portion of the acquisition of ConAgra’s Private Brands Business (formerly known as Ralcorp), a manufacturer and distributor of private label food products, which the Company expects to close in the first quarter of 2016. TreeHouse plans to finance the remaining portion of the acquisition through borrowings under its existing credit agreement and a high-yield notes issuance. Total gross proceeds includes the full exercise of the underwriters’ over-allotment option, through which they purchased an additional 1,730,769 shares.


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  • The Kroger Co. (NYSE: KR)

    BB&T Capital Markets served as a co-manager for a $1.1 billion offering of senior notes by The Kroger Co. The offerings consisted of a $300 million tranche of 2.00% senior notes due 2019, a $300 million tranche of 2.60% senior notes due 2021, and a $500 million tranche of 3.50% senior notes due 2026. Proceeds from the offering are being used to repay commercial paper and for general corporate purposes.

    

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  • Coca-Cola Bottling Company Consolidated (Nasdaq: COKE)

    On November 20, 2015, BB&T Capital Markets served as a co-manager for an offering of $350 million of 3.80% senior notes due 2025. Proceeds from the offering are being used to repay outstanding indebtedness under the company’s revolving credit facility.

    

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  • Dr. Pepper Snapple Group, Inc. (NYSE: DPS)

    On October 29, 2015, BB&T Capital Markets served as a co-manager for a $750 million two-tranche offering of senior notes by Dr. Pepper Snapple Group, Inc. The offering consisted of $500 million of 3.40% senior notes due in 2025 and $250 million of 4.50% senior notes due in 2045. Proceeds from the offering are being used to retire at maturity the company’s 2.90% Senior Notes due January 15, 2016, and any remaining proceeds for general corporate purposes, which may include share repurchases, capital expenditures, working capital, future acquisitions and investments.

    

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  • Performance Food Group Company (NYSE: PFGC)

    BB&T Capital Markets’ Food & Agribusiness Group completed the initial public offering for Performance Food Group Company (“PFG”), a leading broadline food distributor, in an offering worth $316,825,000.

    The Company intends to use the net proceeds from this offering to reduce indebtedness under its current credit facility. Blackstone Private Equity, as well as several minority private equity owners including Wellspring Capital, also sold shares in the offering. PFG will not receive any net proceeds from shares sold by the selling shareholders. Total gross proceeds includes the full exercise of the underwriters’ over-allotment option, through which they purchased an additional 2,175,000 shares.

    

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  • Sysco Corp. (NYSE: SYY)

    On September 23, 2015, BB&T Capital Markets served as a co-manager for a $2 billion three-tranche offering of senior notes by Sysco Corp. The offering consisted of $750 million of 2.60% senior notes due 2020; $750 million of 3.75% senior notes due 2025; and $500 million of 4.85% senior notes due 2045. Proceeds from the offering were to fund a portion of the repurchases of outstanding shares of Sysco’s common stock pursuant to its previously announced share repurchase programs, to repay approximately $500 million of Sysco’s outstanding commercial paper, and for general corporate purposes.

    

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Our Areas of Expertise

Agriculture, Livestock & Food Safety

Crop Inputs;  Grains, Sugar, Cocoa, & Oilseeds; Milling & Processing; Transportation, Logistics, & Storage; Growers; Protein Processors; Poultry; Seafood; Beef; Pork; Eggs; Dairy; Animal Feed / Health & Wellness; Food Safety, Testing, & Inspection

Food Products

Branded Goods; Private Label & Contract Manufacturing; Fresh Fruit, Vegetables, & Produce; Flavors & Seasonings; Sweeteners; Ethnic, Artisanal, & Specialty; Protein Products; Dairy Processing; Frozen & Prepared Foods; Baked Goods; Edible Oils; Snack & Confectionery; Chocolate; Fruit & Nut Snacks; Cookies, Crackers, & Chips; Cakes, Pies, & Pastries; Ice Cream & Frozen Treats

Alcoholic Beverages

Beer & Wine; Spirits; Distribution

Non‐Alcoholic Beverages

Soda; Energy Drinks; Water; Coffee & Tea; Specialty

Distribution

Broadline; Foodservice; Specialty; Ethnic

Retail

Grocery; Drug & Convenience; Foodservice; Restaurants; Bakery & Deli; Franchisor / Franchisee Groups

Health & Wellness

Nutraceuticals; Vitamins & Supplements; Natural & Organic; Healthy Living