B&G Foods completes Back to Nature Foods acquisition
US-based frozen food manufacturer B&G Foods has completed the acquisition of Back to Nature Foods for $162.5m in cash.
B&G Foods is reported to have funded this transaction and related fee expenses with additional revolving loans under its existing credit facility. The deal was completed after customary closing and post-closing working capital adjustments.
Based in Parsippany, New Jersey, US, B&G Foods and its subsidiaries are engaged in the production and distribution of branded shelf-stable and frozen foods across the US, Canada, and Puerto Rico.
The acquisition is expected to be immediately accretive to B&G Foods’ earnings per share and will generate an annual net sale of around $80m and $17m of EBITDA.
Back to Nature Foods, which is a joint venture comprising Brynwood Partners and Mondelez International, is engaged in the production of better-for-you snack foods category. Its products are claimed to be Non-GMO Project Verified, organic, and gluten-free.
The company offers a wide range of products, including cookies, crackers, nuts and trail mixes, granola, juices, soups, and cereals. It also offers low-fat and no-fat snacks under SnackWell’s brand.
In December last year, B&G Foods acquired Victoria Fine Foods, a US-based business that offers a variety of premium pasta and speciality sauces, savoury condiments, and tasty gourmet spreads.