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News Release J.H. CHAPMAN GROUP, L.L.C. COMPLETES THE PURCHASE OF VALLEY FRESH, INC. FOR HORMEL FOODS CORPORATION
Chicago, IL (April 3, 2006) – J.H. Chapman Group, L.L.C. announced today that its client, Hormel Foods Corporation (NYSE: HRL) has acquired, for the purchase price of approximately $78 million, Valley Fresh, Inc. (Valley Fresh) of Turlock, Calif. Annual sales are approximately $68 million, and Hormel Foods expects the deal to be accretive to its 2006 earnings. Valley Fresh has the leading market share in the canned ready-to-eat chicken category and distributes more than 50 convenient precooked chicken products on a national basis, primarily under the Valley Fresh brand. Valley Fresh is a privately held company and employs approximately 265 employees at its 90,000-square-foot manufacturing facility in Turlock. About Hormel Foods Corporation Hormel Foods Corporation, based in Austin, Minn., is a multinational manufacturer and marketer of consumer-branded food and meat products, many of which are among the best known and trusted in the food industry. The company leverages its extensive, innovation and high competencies in pork and turkey processing and marketing to bring quality, value-added brands to the global marketplace. For each of the past six years, Hormel Foods has been named one of “The 400 Best Big Companies in America” by Forbes magazine. The company enjoys a strong reputation among consumers, retail grocers, and foodservice and industrial customers for products highly regarded for quality, taste, nutrition, convenience and value. For more information, visit www.hormel.com. About Valley Fresh, Inc. Valley Fresh Foods is one of the leading branded canned chicken and turkey processors in the United States. All products fit squarely in today’s consumer trends with healthy, convenient, low fat and no artificial ingredients. The company produces all products from its plant in California. For more product information, visit www.valleyfreshkitchen.com About J. H. Chapman Group, L.L.C. The J.H. Chapman Group is the food industry’s leading investment banking firm, with offices in Chicago and Paris, offering a full range of financial advisory services to the food and restaurant industries in the United States and internationally. The J.H. Chapman Group advised Hormel Foods Corporation and assisted in the negotiations. For more information, visit http://www.jhchapman.com
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