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.

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