B&G Foods Completes Acquisition of Specialty Brands of America, including Bear Creek Country Kitchens®
April 23 2014 - 4:01PM
Business Wire
B&G Foods, Inc. (NYSE:BGS) announced today 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 L.L.C. on the
transaction.
About American Capital
American Capital, Ltd. (Nasdaq: ACAS) is a publicly traded
private equity firm and global asset manager. American Capital,
both directly and through its asset management business,
originates, underwrites and manages investments in middle market
private equity, leveraged finance, real estate, energy &
infrastructure and structured products. American Capital manages
$19 billion of assets, including assets on its balance sheet and
fee earning assets under management by affiliated managers, with
$93 billion of total assets under management (including levered
assets). Through an affiliate, American Capital manages publicly
traded American Capital Agency Corp. (Nasdaq: AGNC) with
approximately $9 billion of net book value, American Capital
Mortgage Investment Corp. (Nasdaq: MTGE) with approximately $1
billion of net book value and American Capital Senior Floating,
Ltd. (Nasdaq: ACSF). From its eight offices in the U.S. and Europe,
American Capital and its affiliate, European Capital, will consider
investment opportunities from $10 million to $750 million. For
further information, please refer to www.AmericanCapital.com.
About B&G Foods, Inc.
B&G Foods and its subsidiaries manufacture, sell and
distribute a diversified portfolio of high-quality, branded
shelf-stable foods across the United States, Canada and Puerto
Rico. Based in Parsippany, New Jersey, B&G Foods’
products are marketed under many recognized brands, including
Ac’cent, B&G, B&M, Baker’s Joy, Brer Rabbit, Cream of
Rice, Cream of Wheat, Devonsheer, Don Pepino, Emeril’s,
Grandma’s Molasses, JJ Flats, Joan of Arc, Las Palmas,
Maple Grove Farms, Molly McButter, Mrs. Dash, New York
Style, Old London, Original Tings, Ortega, Pirate’s Booty,
Polaner, Red Devil, Regina, Rickland Orchards, Sa-són,
Sclafani, Smart Puffs, Sugar Twin, Trappey’s, TrueNorth, Underwood,
Vermont Maid, Wright’s and now, Bear Creek Country Kitchens,
Spring Tree, Cary’s, MacDonald’s New York Flatbreads
and Canoleo. B&G Foods also sells and distributes two
branded household products, Static Guard and Kleen Guard.
Forward-Looking Statements
Statements in this press release that are not statements of
historical or current fact constitute “forward-looking statements.”
The forward-looking statements contained in this press release
include without limitation statements related to the expected
impact of the acquisition, including without limitation, the
expected impact on B&G Foods’ earnings per share growth
and free cash flow. Such forward-looking statements involve known
and unknown risks, uncertainties and other unknown factors that
could cause the actual results of B&G Foods to be
materially different from the historical results or from any future
results expressed or implied by such forward-looking statements. In
addition to statements that explicitly describe such risks and
uncertainties readers are urged to consider statements labeled with
the terms “believes,” “belief,” “expects,” “projects,” “intends,”
“anticipates” or “plans” to be uncertain and forward-looking. The
forward-looking statements contained herein are also subject
generally to other risks and uncertainties that are described from
time to time in B&G Foods’ filings with the Securities and
Exchange Commission, including under Item 1A, “Risk Factors” in the
Company’s Annual Report on Form 10-K for fiscal 2013 filed on
February 26, 2014. B&G Foods undertakes no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise.
Investor Relations:ICR, Inc.Don Duffy866-211-8151orMedia
Relations:ICR, Inc.Matt Lindberg203-682-8214
B and G Foods (NYSE:BGS)
Historical Stock Chart
From Mar 2024 to Apr 2024
B and G Foods (NYSE:BGS)
Historical Stock Chart
From Apr 2023 to Apr 2024