B&G Foods, Inc. (NYSE:BGS) announced today that it has
acquired Spartan Foods of America, Inc. dba Mama Mary’s and related
entities from Linsalata Capital Partners and certain other sellers
for approximately $50.0 million in cash, subject to certain
post-closing adjustments.
“We are delighted to welcome Spartan Foods of America and the
Mama Mary’s brand to the B&G Foods family,” stated Robert
C. Cantwell, President and Chief Executive Officer of B&G
Foods. “Under the leadership of Linsalata Capital, the company has
built a solid and profitable business.”
Mr. Cantwell continued, “The Mama Mary’s brand complements very
well our existing portfolio of brands, including our Don Pepino
pizza sauce. And, consistent with our acquisition strategy, we
expect the acquisition to be immediately accretive to our earnings
per share and free cash flow.”
B&G Foods projects that after being fully integrated into
B&G Foods, the Mama Mary’s brand will generate on an annualized
basis net sales of approximately $35.0 million and adjusted EBITDA
of approximately $7.5 million.
Mama Mary’s is the #1 brand of shelf-stable pizza crust, by unit
volume, in the retail channel.
B&G Foods funded the acquisition and will pay related fees
and expenses with cash on hand.
Duff & Phelps served as the investment banking advisor to
Linsalata Capital Partners.
About Linsalata Capital Partners
Located in the Cleveland suburb of Mayfield Heights, Ohio,
Linsalata Capital Partners was founded in 1984 and has combined its
strong financial capabilities with extensive operational experience
to accelerate the growth of middle-market companies. In its more
than 31 years of investing, the firm has completed 106 buy-side
transactions totaling more than $3 billion. Linsalata Capital
Partners is currently investing from its seventh fund, Linsalata
Capital Partners Fund VI, L.P., with $427 million in committed
equity capital.
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, Bear Creek Country Kitchens, Brer
Rabbit, Canoleo, Cary’s, Cream of Rice,
Cream of Wheat, Devonsheer, Don Pepino, Emeril’s,
Grandma’s Molasses, JJ Flats, Joan of Arc,
Las Palmas, MacDonald’s, Maple Grove Farms, Molly McButter,
Mrs. Dash, New York Flatbreads, New York Style, Old
London, Original Tings, Ortega, Pirate’s Booty, Polaner, Red Devil,
Regina, Rickland Orchards, Sa-són, Sclafani, Smart Puffs, Spring
Tree, Sugar Twin, Trappey’s, TrueNorth, Underwood, Vermont Maid,
Wright’s and now, Mama Mary’s. B&G Foods also sells and
distributes Static Guard, a household product brand.
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 Spartan Foods of America acquisition, including
without limitation, the expected impact on B&G Foods’ net
sales, earnings per share, free cash flow and adjusted EBITDA. 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 2014 filed on March 4, 2015.
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.
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Investor Relations:ICR, Inc.Don Duffy, 866-211-8151orMedia
Relations:ICR, Inc.Matt Lindberg, 203-682-8214
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