Georgia-based Flowers Foods Inc. said Dec. 14 that it completed the acquisition of gluten-free baked goods company Canyon Bakehouse LLC.
The company will operate as an independent unit of Flowers Foods. Canyon Bakehouse Co-founder Josh Skow will continue to lead the business as president.
The transaction, which was announced Nov. 7, was valued at $205 million, including a performance-based contingent payment of $5 million, or $175 million net of future tax benefits of approximately $30 million on a net present value basis.
"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," said Allen Shiver, Flowers Foods' president and CEO.