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Acquisition
12 Months Ended
Apr. 25, 2014
Business Combinations [Abstract]  
Acquisition
Acquisition
On August 14, 2012, BEF Foods, Inc., a subsidiary of the Company, acquired the Kettle Creations brand and a 100,000 square-foot, state-of-the-art food production facility located in Lima, Ohio, that produces mashed potatoes, macaroni and cheese, and other side dishes. The production facility is included in the BEF Foods segment. The acquisition of Kettle Creations and the food production facility enables us to expand our rapidly growing side dish category. After a working capital adjustment, the purchase price for the brand and facilities was $52,285 in cash. The adjusted purchase price allocation of goodwill and other intangibles of $18,067 and $3,544, respectively, from the acquisition were attributed largely to the planned extension of existing manufacturing capabilities at Kettle Creations beyond its strength in mashed potatoes to other potato products and side dishes. The side dish category is a net sales growth opportunity for BEF Foods. Of the $3,544 of acquired intangible assets, $2,761 was assigned to registered trade names and workforce that are not subject to amortization and $783 was assigned to definite-lived noncompetition agreements after a purchase price adjustment. The purchase price adjustment to goodwill was a decrease of $175. The purchase price adjustment to the registered trade names was a decrease of $266, while the definite-lived noncompetition agreement decreased by $322.
The Company recognized $1,980 of acquisition-related expenses during fiscal 2013. These costs are included in S,G&A expenses in the Consolidated Statements of Net Income. In addition to acquisition costs, a total retention incentive of $5,113 was established to incent Kettle Creations employees to meet service requirements during the acquisition period and for three consecutive years thereafter. See Note 6 for further information.