UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________
Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) November 7, 1997
SPECIALTY FOODS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 33-68956 75-2488181
(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification No.)
25 Tri-State International Office Center, Suite 250,Lincolnshire, Illinois 60069
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (847)267-1001
Item 5. Other Events
On November 10, 1997, Specialty Foods Corporation (the
"Company"), a wholly-owned subsidiary of Specialty Foods
Acquisition Corporation, announced that it had entered into a
definitive agreement with Saputo Group Inc. and its wholly-owned
subsidiary, Saputo Acquisition, Inc. (together, "Buyer"),
pursuant to which the Company has agreed to sell to Buyer all of
the outstanding capital stock of Stella Holdings, Inc., a wholly-
owned subsidiary of the Company. A copy of the Press Release
announcing such transaction is filed as an exhibit hereto and
incorporated by reference herein.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit
No. Description
99.1 Press Release dated November 10, 1997 of Specialty
Foods Corporation
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
SPECIALTY FOODS CORPORATION
(Registrant)
Date: November 12, 1997 By: /s/ Robert B. Aiken
Robert B. Aiken
Vice President
FOR IMMEDIATE RELEASE: November 10, 1997
SPECIALTY FOODS CORPORATION TO SELL STELLA FOODS
TO CANADA'S SAPUTO GROUP
Specialty Foods will use proceeds to invest in baking industry,
reduce debt
LINCOLNSHIRE, IL - Specialty Foods Corporation today announced it
has reached a definitive agreement to sell its Stella Foods, Inc.
subsidiary to Saputo Group Inc. (SAP - TSE/ME) of Montreal,
Canada. The announcement was made by Lawrence Benjamin,
president and chief executive officer of Specialty Foods, who
said the purchase price was approximately $405 million.
Consummation of the transaction is subject to certain customary
closing conditions, including the obtaining of approvals from
governmental regulatory agencies. The parties expect the sale to
close by the end of the year.
Stella Foods is the fifth largest cheese producer in the United
States with major positions in Italian and other specialty cheese
categories. Stella's broad product line is sold to retail as
well as commercial and institutional customers under a variety of
brand names including Stella, Frigo, Lorraine, Dragone and
Gardenia.
Earlier this year, Specialty Foods announced it would use the
proceeds from the sale of Stella to reduce debt and invest in its
baking operations, including acquisitions. The company's baking
businesses include Metz Baking Company, Mother's Cake & Cookie
Co. and Andre-Boudin Bakeries.
Metz, Specialty's largest baking unit, is a leading baker and
distributor of bread products throughout the central United
States. Mother's is the second largest manufacturer and
distributor of branded cookie products sold through retail
grocers in the western United States. Andre-Boudin Bakeries
operates a chain of 47 bakery cafes in the San Francisco Bay
area, Southern California, Chicago and Dallas.
In addition to Metz, Mother's and Andre-Boudin, Specialty Foods
will retain H&M Food Systems Company, Inc., a leading producer of
custom-formulated specialty meat products, as a separate
subsidiary.
Specialty Foods Corporation is a wholly-owned subsidiary of
Specialty Foods Acquisition Corporation.
