Nutrition Business Journal
Nutrition Capital Network

Nutrition Capital Network news: Smart Balance strengthens gluten-free holdings

Nutrition Capital Network facilitates financing and asset sales for growing companies and introduces investors to the next generation of successful brands & technology in the nutrition and health & wellness industries. Below is news from June.

Smart Balance Inc. (Paramus, N.J.) has agreed to acquire Udi's Healthy Foods LLC (Denver, Colo.) for $125 million in cash from majority shareholder Hubson Acquisition LLC, an affiliate of E&A Industries; the family of founder Udi Bar-on; and other minority holders. The effective asset purchase price is expected to be around $103 million after cash tax benefits realized by Smart Balance. Udi's markets gluten-free baked goods and granola through retail and food service channels.

The company grew from $4.3 million in net sales in 2009 to an annualized run-rate of $72.4 million in net sales based on first quarter 2012 results. Smart Balance already owned Glutino's, a brand of shelf stable and frozen gluten-free foods, which it purchased in 2011 for $66.3 million. The Udi’s acquisition "will be transformational to our company, as it will position Smart Balance as a leader in gluten-free, accelerate our growth rate, and further diversify our mix toward high-growth natural brands,” said Smart Balance Chairman and CEO Stephen Hughes. E&A Industries is an NCN Cornerstone Investor.

Disclaimer: NCN does not warrant the accuracy, reliability, or timeliness of any NCN news item. Before relying on any NCN News item the information should be independently verified.

For more finance and investment information, visit Nutrition Capital Network news.

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