B&G Foods acquires Specialty Brands of America

B&G Foods acquires Specialty Brands of America

B&G Foods paid $155 million in cash for Specialty Brands’ Bear Creek Country Kitchens, Spring Tree, Cary’s, Canoleo and more.

B&G Foods Inc. (NYSE:BGS) announced that it has completed the acquisition of Specialty Brands of America Inc. and related entities from affiliates of American Capital Ltd. and certain individuals for the previously announced price of approximately $155 million in cash, subject to certain post-closing adjustments. Specialty Brands is a leading packaged foods company with a portfolio of strong and differentiated brands. Specialty Brands’ largest brand is Bear Creek Country Kitchens, which is the leading brand of hearty dry soups in the United States. Bear Creek also offers a line of savory pasta dishes and hearty rice dishes. Specialty Brands also offers Spring Tree, Cary’s and MacDonald’s pure maple syrups and pancake syrups, New York Flatbreads and Canoleo margarine. B&G Foods expects the acquisition to be immediately accretive to earnings per share and free cash flow.

B&G Foods funded the acquisition and will pay related fees and expenses with $155 million of borrowings under its existing revolving credit facility and cash on hand.

American Capital was advised by Evercore Group LLC on the transaction.

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