Exhibit 99.1
[LETTERHEAD OF UNITED NATURAL FOODS, INC.]
IMMEDIATE RELEASE
November 5, 2007
United Natural Foods, Inc. Completes Merger with
Millbrook Distribution Services Inc.;
Announces First Quarter 2008 Conference Call Details
Dayville, Connecticut - November 5, 2007 -- United Natural Foods, Inc. (Nasdaq:
UNFI) (the "Company") announced today the completion of its previously announced
merger with Millbrook Distribution Services, Inc. ("Millbrook"), a privately
held subsidiary of Distribution Holdings, Inc. Millbrook, headquartered in
Leicester, MA, has annualized revenues in excess of $300 million. The financial
terms of the transaction were not disclosed.
Established in 1960, Millbrook distributes more than 22,000 specialty food
items, and over 20,000 health and beauty care items and other non-food items to
more then 9,000 retail locations. Millbrook carries specialty food items
including ethnic, kosher, gourmet, organic and natural foods and also offers
customers an extensive selection of health and beauty care items, including a
full-line of national and branded products. Customers include independent store
retailers, as well as regional and national supermarket, mass merchandisers and
chain drug stores, in 48 states.
The transaction accomplishes several strategic objectives for United Natural
Foods, including accelerating the Company's expansion into a number of
high-growth business segments and establishing an immediate market share in the
fast-growing Specialty Foods market. Millbrook's robust customer base
significantly enhances United Natural Foods' conventional supermarket business
channel; both organizations' complementary product portfolios represent
significant opportunities for cross-selling.
"We're very pleased to welcome Millbrook, their customers and associates to our
organization," Michael Funk, President and Chief Executive Officer of United
Natural Foods. "This opportunity is consistent with our plan to expand our
presence in the Specialty Foods segment and enhance the breadth of our products,
resources and distribution network." Millbrook's distribution network features
four distribution centers, representing over 1.6 million square feet of
warehouse space.
Credit Suisse Securities (USA) LLC acted as financial advisor to United Natural
Foods.
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Investor Conference Call
Due to the proximity to the close of its fiscal 2008 first quarter, ended
October 27, 2007, the Company will host a conference call and audio webcast at
11:00 am on Tuesday, November 20, 2007 to provide additional information
regarding the Millbrook acquisition as well as review the Company's quarterly
results, market trends and future outlook. The Company intends to release its
financial results for the first quarter of fiscal 2008 before the market opens
on Tuesday, November 20, 2007.
The conference call dial-in number is 303-262-2004. An audio webcast of the
conference call will be available to the public, on a listen-only basis, via the
internet at www.earnings.com or at the Investor Relations section of the
Company's website at www.unfi.com. Please allow extra time, prior to the call,
to visit the site and download the necessary software to listen to the Internet
broadcast. The online archive of the webcast will be available for 30 days.
About United Natural Foods
United Natural Foods, Inc. carries and distributes more than 40,000 products to
more than 17,000 customers nationwide. The Company serves a wide variety of
retail formats including conventional supermarket chains, natural product
superstores, independent retail operators and the food service channel. United
Natural Foods, Inc. was ranked by Forbes in 2005 as one of the "Best Managed
Companies in America," ranked by Fortune in 2006 and 2007 as one of its "Most
Admired Companies," and ranked by Business Ethics as one of its "100 Best
Corporate Citizens for 2006."
AT THE COMPANY: FINANCIAL RELATIONS BOARD
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Mark Shamber Joseph Calabrese
Chief Financial Officer General Information
(860) 779-2800 (212) 827-3772
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: Statements in this press release regarding the Company's business that are
not historical facts are "forward-looking statements" that involve risks and
uncertainties. For a discussion of such risks and uncertainties, which could
cause actual results to differ from those contained in the forward-looking
statements, including but not limited to general business conditions, the impact
of competition and our dependence on principal customers, see "Risk Factors" in
the Company's annual report on Form 10-K filed with the Commission on September
26, 2007, and its other filings under the Securities Exchange Act of 1934, as
amended. Any forward-looking statements are made pursuant to the Private
Securities Litigation Reform Act of 1995 and, as such, speak only as of the date
made. The Company is not undertaking to update any information in the foregoing
reports until the effective date of its future reports required by applicable
laws. Any projections of future results of operations should not be construed in
any manner as a guarantee that such results will in fact occur. These
projections are subject to change and could differ materially from final
reported results. The Company may from time to time update these publicly
announced projections, but it is not obligated to do so.