- B&G Foods, Inc. announced on Thursday that it has entered into an agreement to acquire Specialty Brands of America, Inc. and related entities from affiliates of American Capital, Ltd. and individuals for approximately $155 million in cash, subject to certain closing and post-closing adjustments.
- Specialty Brands is a leading packaged foods company with a portfolio of differentiated brands, the largest of which is Bear CreekCountry Kitchens. Specialty Brands' portfolio also includes Spring Tree, Cary’s and MacDonald’s pure maple syrups and pancake syrups, New York Flatbreads, and Canoleo margarine.
- B&G Foods projects that following the acquisition, Specialty Brands will generate on an annualized basis after being fully integrated into B&G Foods net sales of approximately $85 million and adjusted EBITDA of approximately $20 million.
David L. Wenner, President and Chief Executive Officer of B&G Foods said, "We look forward to welcoming Specialty Brands into our family of brands. These brands complement very well our existing portfolio of brands and we believe that B&G Foods will be able to enhance the growth prospects of these brands.”
Last year B&G Foods ranked #96 on Forbes' lists of America's Best Small Companies. So it seems likely that it is following a sound strategy in its expansion plans. This acquisition follows on others. Most recently, in July 2013, it completed the acquisition of Robert's American Gourmet Food, LLC and Pirate Brands from VMG Partners. Its ability to keep growing is a healthy sign for the company.