Deloitte Corporate Finance LLC Advises Enray, Inc. in its Sale to The J.M. Smucker Company
CHARLOTTE, August 21, 2013 – Deloitte Corporate Finance LLC (“DCF”) acted as the exclusive financial advisor to Enray, Inc. (“Enray”) in its sale to The J.M. Smucker Company (“Smucker”). The transaction will further facilitate Enray’s and its premium truRoots brand’s leading position in the rapidly growing gluten-free and organic food industry.
“DCF’s knowledge and experience enabled us to better identify and secure the best partner for the Company to sustain and accelerate our significant growth. DCF guided us through a well thought-out process in order to seamlessly achieve our objectives. DCF’s leadership, experience, and extensive knowledge of the organic food industry were vital to accomplishing the transaction,” said Esha Ray, Chief Executive Officer of Enray, Inc.
“Since founding the company, Esha and Nimesh Ray have built Enray into the leading gluten-free, ancient grains company. truRoots represents a key brand in the organic food industry that is experiencing growth across all of its products and sales channels. We see the transaction with Smucker as providing an iconic brand platform for Esha, Nimesh, and Enray to continue to build and strengthen truRoots’ leadership in the category,” said Lorin DeMordaunt, Managing Director, Deloitte Corporate Finance LLC, and head of DCF’s consumer and retail group.
ABOUT ENRAY, INC.
Founded in 2000 and headquartered in Livermore, California, Enray is a leading vertically integrated, branded consumer packaged goods company primarily targeting the organic, sprouted multi-grain, and gluten-free markets. Enray pioneered the development of the dry-sprouted category in the United States and offers grains, pastas, and processed value-added products, with enhanced nutritional profiles and convenient preparation characteristics throughout its leading brand and private label programs. For more information, visit www.truroots.com.
ABOUT THE J.M. SMUCKER COMPANY
For more than 115 years, The J.M. Smucker Company has been committed to offering consumers quality products that bring families together to share memorable meals and moments. Today, Smucker is a leading marketer and manufacturer of fruit spreads, retail packaged coffee, peanut butter, shortening and oils, ice cream toppings, sweetened condensed milk, and health and natural foods beverages in North America. Its family of brands includes Smucker's®, Folgers®, Dunkin’ Donuts®, Jif®, Crisco®, Pillsbury®, Eagle Brand®, R.W. Knudsen Family®, Hungry Jack®, Café Bustelo®, Café Pilon®, White Lily® and Martha White® in the United States, along with Robin Hood®, Five Roses®, Carnation® and Bick's® in Canada. The Company remains rooted in the Basic Beliefs of Quality, People, Ethics, Growth and Independence established by its founder and namesake more than a century ago. For more information about the Company, visit www.smuckers.com.
ABOUT DELOITTE CORPORATE FINANCE LLC
Deloitte Corporate Finance LLC, a FINRA-registered broker-dealer and wholly-owned subsidiary of Deloitte Financial Advisory Services LLP, provides deal execution and lead financial advisory services to large corporate, middle market, and private equity firms. Deloitte Corporate Finance has access to the resources of the Corporate Finance Advisory practices of the member firms within the Deloitte Touche Tohmatsu Limited network of member firms, and their affiliates. Together with Deloitte Corporate Finance, these practices include in excess of 1,600 professionals, working collaboratively across 150 international locations. For more information, visit www.investmentbanking.deloitte.com.
For press inquiries, please contact: Melissa Curtis, Public Relations, (617) 437-2156
For all other inquiries contact:
Lorin J. DeMordaunt, Managing Director, (704) 333-0591
Matthew P. Preece, Managing Director, (704) 731-7186
Prior engagement performance is no guarantee of future performance and may not be representative of the experience of other clients. This communication is for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of a security.
The J.M. Smucker Company is the owner of all trademarks referenced herein, except for the following, which are used under license: Pillsbury® is a trademark of The Pillsbury Company, LLC; Carnation® is a trademark of Societe des Produits Nestle S.A.; and Dunkin' Donuts® is a registered trademark of DD IP Holder, LLC.
Dunkin' Donuts® brand is licensed to The J. M. Smucker Company for packaged coffee products sold in retail channels such as grocery stores, mass merchandisers, club stores, and drug stores. This information does not pertain to Dunkin' Donuts® coffee or other products for sale in Dunkin' Donuts® restaurants. K-Cup® and K-Cups® are trademarks of Keurig, Incorporated.