Lancaster Colony Buys Flatout Holdings For $92 Mln.

(RTTNews) - Specialty food products company Lancaster Colony Corp (LANC) on Friday said its subsidiary, T. Marzetti Co, has acquired Flatout Holdings Inc, a maker of flatbreads, from private equity firm North Castle Partners LLC. The deal is valued at about $92 million on a cash-free, debt-free basis, subject to certain post-closing adjustments, Lancaster said.

Flatout's annual net sales for the twelve months ended December 2014 were about $46 million.

Lancaster said the deal is pursuant to an agreement to buy all of the outstanding capital stock of Flatout Holdings from North Castle and the other stockholders. For North Castle, the deal represents another exit in the nutrition sector.