May 31/Paramus, N.J./Globe Newswire -- Smart Balance has signed a definitive agreement to acquire Udi's Healthy Foods LLC for $125 million in cash from majority shareholder Hubson Acquisition LLC, an affiliate of E&A Industries based in Indianapolis, the family of founder Udi Bar-on, and other minority holders. The acquisition will be treated as an asset purchase for tax purposes. As a result, the Company expects to realize future tax benefits with a present value of approximately $22 million, resulting in an effective purchase price of approximately $103 million.
Based in Denver, Udi's markets gluten-free products under the "Udi's Gluten Free Foods" brand in the retail market, and since mid-2011, food service channels. Udi's is a leading brand in gluten-free bread and baked goods. In addition, Udi's markets other gluten-free products including frozen pizza and granola. In the twelve month period ended March 31, 2012, Udi's sales doubled to $60.9 million.