Silverado Foods enters deal to sell 90% of Nonni's Biscotti

From: THE JOURNAL RECORD | Date: August 19, 1998 | Copyright information

TULSA (JR) -- Silverado Foods has signed a definitive agreement for Swander Pace Capital and its affiliates to acquire 90 percent of Silverado's Nonni's Biscotti business.

Silverado would realize about $32 million from the proposed transaction, including $22.7 million in cash at closing (subject to adjustments), a 10 percent minority investment in Nonni's common equity that Silverado would retain, and up to $8 million under two separate earn-out provisions contingent on Nonni's achieving certain earnings targets ending March 1999 and September 1999.

As part of the transaction, most of the ...

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