B&G Foods Completes Purchase of Culver Specialty Brands from Unilever
November 30 2011 - 4:01PM
Business Wire
B&G Foods, Inc. (NYSE: BGS) announced today that it has
completed the purchase of the Mrs. Dash, Molly McButter, Sugar
Twin, Baker’s Joy, Static Guard and Kleen Guard brands from
Unilever for the previously announced price of $325 million in
cash, subject to a post-closing adjustment for inventory at the
closing date. B&G Foods expects the acquisition to be
immediately accretive to earnings per share and free cash flow.
In connection with the closing, B&G Foods entered into a new
$575 million senior secured credit agreement, consisting of a
five-year, $200 million revolving credit facility and a seven-year,
$375 million term loan facility that includes $150 million of
tranche A term loans and $225 million of tranche B term loans.
Following the closing, the available borrowing capacity under the
revolving credit facility is $174.5 million. The proceeds of the
borrowings under the new credit agreement, together with cash on
hand, were used to refinance B&G Foods’ existing $130 million
credit facility, fund the acquisition purchase price and pay
related transaction fees and expenses.
About B&G Foods, Inc.
B&G Foods and its subsidiaries manufacture, sell and
distribute a diversified portfolio of high-quality, shelf-stable
foods and household care products across the United States, Canada
and Puerto Rico. B&G Foods’ products include hot cereals,
fruit spreads, canned meats and beans, spices, seasonings, hot
sauces, wine vinegar, maple syrup, molasses, salad dressings,
Mexican-style sauces, taco shells and kits, salsas, pickles,
peppers and other specialty food and household care products.
B&G Foods competes in the retail grocery, food service,
specialty, private label, club and mass merchandiser channels of
distribution. Based in Parsippany, New Jersey, B&G Foods’
products are marketed under many recognized brands, including
Ac’cent, B&G, B&M, Brer Rabbit, Cream of Rice, Cream
of Wheat, Don Pepino, Emeril’s, Grandma’s Molasses, Joan
of Arc, Las Palmas,
Maple Grove Farms of Vermont, Ortega, Polaner,
Red Devil, Regina, Sa-són, Sclafani, Trappey’s, Underwood, Vermont
Maid, Wright’s and now, Mrs. Dash, Molly McButter, Sugar Twin,
Baker’s Joy, 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 planned acquisition, including the expected impact on
B&G Foods’ earnings per share 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 2010 filed on March 1, 2011.
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.
B and G Foods (NYSE:BGS)
Historical Stock Chart
From Apr 2024 to May 2024
B and G Foods (NYSE:BGS)
Historical Stock Chart
From May 2023 to May 2024