A deal worth $148 million has been reached to purchase Allens, Inc. in Siloam Springs.
Allens, a national leader in canned and frozen vegetables, announced Tuesday (Dec. 17) it has entered into an asset purchase agreement with Seneca Foods Corporation. Allens Inc. filed Chapter 11 bankruptcy in October.
Seneca said it will serve as the “stalking horse bidder” in the auction process, meaning Seneca will be able to match other bids, according to a news release. Seneca said their agreement is to acquire substantially all of the company’s canning operations.
Allens Inc. has received interest from several financial and strategic bidders, according to the release. Throughout the court-supervised sales process, the company will continue operations as usual.
“We are encouraged by the interest Allens has received and are committed to an outcome that provides the most value for our creditors,” said Jonathan Hickman, Chief Restructuring Officer of Allens. “I would also like that thank our talented employees- the interest we are seeing in our business is a direct reflection of their continued hard work and dedication.”
Seneca Foods Corp. is a leading nationwide producer of canned fruits and vegetables based in Marion, NY.