Georgia-based Flowers Foods said Thursday it will acquire ButterKrust Bakery in an all-cash deal.

Flowers has agreed to pay $90 million, according to a regulatory filing. ButterKrust, headquartered in Lakeland, Fla., has annual sales of $70 million and sells products under the Country Hearth, Rich Harvest, Sunbeam and private label store brands.

It sells breads and rolls and employs 368 at its 250,000-square-foot bakery.

Flowers, headquartered in Thomasville, sought the deal because it wanted to boost its Florida production capabilities and position itself to take advantage of the Sunshine State's projected population boost to 23 million by 2020.

"ButterKrust Bakery will bring additional production capacity to help our company better serve the Florida market," George E. Deese, Flowers Foods' chairman, CEO and president said in a statement.

"Flowers Foods' growth in Florida has been strong and we expect that to continue. This acquisition should serve our production capacity needs in the state for the foreseeable future."

Flowers, which has annual sales of $2 billion, operates 36 bakeries and markets its goods throughout the mid-Atlantic and southern half of the United States under the Nature's Own, Cobblestone Mill, Sunbeam and other brands.