Subsequent Events

12 Months Ended

Apr. 28, 2017

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On May 1, 2017, we completed the acquisition of PFPC. We acquired all of the equity interests of PFPC in exchange for (i) $115,000 in cash, subject to certain adjustments set forth in the purchase agreement, and (ii) up to an additional $25,000 in cash as potential earn-out consideration, the payment of which is subject to the achievement of certain operating EBITDA performance milestones over consecutive twelve month periods during the 24 months following the closing.

The acquisition increases our side-dish production capacity and provides us the capability to produce and sell diced and shredded potato products in both the retail and food-service channels. The acquisition also diversifies our production capability by adding a second state-of-the-art potato processing facility with approximately 180 million pounds of capacity. PFPC also owns and operates a 900-acre potato farm and is surrounded by an estimated 55,000 acres of annual potato production.

On May 1, 2017, the Company’s Board of Directors announced the declaration of a special dividend in the amount of $7.50 per share on the Company’s outstanding common stock. The dividend is payable on June 16, 2017 to stockholders of record at the close of business on May 30, 2017.

On May 31, 2017, the Company’s Board of Directors announced the declaration of a quarterly cash dividend of $0.34 per share on the Company's outstanding common stock. The dividend is payable on June 26, 2017 to stockholders of record at the close of business on June 12, 2017.