Monday, 6 July 2009

Dean Foods Completes Acquisition of Alpro

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Monday, 6 July 2009

DALLAS, July 6 /PRNewswire-FirstCall/ — Dean Foods Company (NYSE: DF)
today announced that it has completed the previously disclosed acquisition of
the Alpro division of Vandemoortele N.V. for a transaction price of
approximately euro 325 million.

Alpro is the European leader in branded soy-based beverage and food
products with net sales of approximately euro 260 million in 2008 sold under
the Alpro(R) soya and Provamel(R) brands. Alpro has five manufacturing sites
in Belgium, the United Kingdom, France and the Netherlands, and employs
approximately 750 people.

Dean’s acquisition of Alpro establishes Dean as a clear global leader in
soy-based beverages and food products, with leading brands Silk(R) in North
America and Alpro soya and Provamel in Europe, and over $1 billion in combined
retail sales.

The acquisition is being financed under Dean Foods’ existing revolving
credit facility and is expected to be modestly accretive to 2009 earnings,
excluding transaction-related costs.

Dean Foods remains committed to deleveraging its balance sheet to below
3.5x funded debt to EBITDA, as defined by its bank agreement. Inclusive of the
EBITDA and debt impacts of this transaction, the Company continues to expect
to achieve that goal and will not raise additional equity as a result of its
acquisition of Alpro.


Dean Foods is one of the leading food and beverage companies in the United
States. The Company’s Fresh Dairy Direct business is the largest processor and
distributor of milk and other dairy products in the country. The
WhiteWave-Morningstar business produces and sells a variety of nationally
branded soy, dairy and dairy-related products. Popular brands include: Silk(R)
soymilk, Horizon Organic(R) milk and dairy products, International Delight(R)
coffee creamers, and LAND O’LAKES(R) creamers. Additionally, the
WhiteWave-Morningstar segment produces and sells private label cultured and
extended shelf life dairy products through the Morningstar platform.


Alpro is the European pioneer in soy-based products. For more than 25
years, Alpro has been championing health & wellness and a more sustainable way
of producing tasty products that conserve the soy bean’s unique nutritional
value. Today, Alpro is the pan-European leader in branded soy food products
with the brands Alpro(R) and Provamel(R).


Some of the statements in this press release are “forward-looking” and are
made pursuant to the safe harbor provision of the Private Securities
Litigation Reform Act of 1995. These “forward-looking” statements include
statements relating to earnings per share accretion and debt covenant
compliance. These statements involve risks and uncertainties that may cause
results to differ materially from the statements set forth in this press
release. The Company’s ability to meet targeted financial and operating
results, including accretion and earnings per share depends on a variety of
economic, competitive and governmental factors, including raw material
availability and costs, the demand for the Company’s products, and the
Company’s ability to access capital under its credit facilities or otherwise,
many of which are beyond the Company’s control and which are described in the
Company’s filings with the Securities and Exchange Commission. The Company’s
ability to profit from its branding initiatives depends on a number of factors
including consumer acceptance of the Company’s products. The forward-looking
statements in this press release speak only as of the date of this release.
The Company expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to such statements to reflect any change in
its expectations with regard thereto or any changes in the events, conditions
or circumstances on which any such statement is based.

SOURCE: Dean Foods Company

Marguerite Copel, Corporate Communications of Dean Foods

Theo Moore
+32 2
645 98 34
for Dean Foods Company
Barry Sievert

Web Site:

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