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Slide #61. B&G Foods, Inc. — Robert's American Gourmet Food, LLC dba Pirate Brands
B&G Foods, Inc. (NYSE:BGS)
Robert's American Gourmet Food, LLC dba Pirate Brands
B&G Foods, Inc. (NYSE:BGS) announced today that it has completed the acquisition of Robert's American Gourmet Food, LLC dba Pirate Brands, a leader in the all-natural snack foods category, from VMG Partners, Michael Repole, founder Robert Ehrlich and certain other entities and individuals, for the previously announced price of $195 million in cash, subject to adjustments based upon indebtedness, working capital and transaction expenses of the business at closing. Pirate Brands' deliciously baked, all-natural, trans fat free and gluten free snack brands include Pirate's Booty, Smart Puffs and Original Tings. B&G Foods expects the acquisition to be immediately accretive to earnings per share and free cash flow.
B&G Foods is a holding company. Through its subsidiaries, Co. manufactures, sells and distributes branded shelf-stable and frozen foods and household products across United States, Canada and Puerto Rico. Co. complements its branded product retail sales with institutional and food service sales and private label sales. Co.'s products include frozen and canned vegetables, oatmeal and other hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, wine vinegar, maple syrup, molasses, salad dressings, pizza crusts, Mexican-style sauces, dry soups, taco shells and kits, salsas, pickles, peppers, tomato-based products, and cookies and crackers.
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Hold (2.40 out of 4)