— Jason Cohen Joins B&G Foods as Executive Vice President of Club
PARSIPPANY, N.J.--(BUSINESS WIRE)--Oct. 7, 2013--
B&G Foods, Inc. (NYSE:BGS) announced today that it has acquired Rickland
Orchards LLC from Natural Instincts LLC.
“We are delighted to welcome Rickland Orchards, Jason Cohen and Michael
Sands to the B&G Foods family,” stated David L. Wenner, President
and Chief Executive Officer of B&G Foods. “Jason and Michael have a
strong history of developing, marketing and building brands, especially
in the club channel. Under their leadership the Rickland Orchards®
brand, which was launched in March 2012, has already achieved annualized
net sales exceeding $50.0 million, with a strong presence across the
club, retail, mass and convenience channels. Combining the talents of
Jason and Michael with B&G Foods’ existing strong management team and
sales force will benefit both Rickland Orchards and B&G Foods’ base
The acquisition of Rickland Orchards, whose products include Greek
yogurt coated granola bars and bites, is the fourth acquisition
by B&G Foods since October 2012. Rickland Orchards’ products blend a
strained Greek yogurt coating with roasted nuts, granola and fruit to
create convenient, great-tasting and protein-packed snacks, and can be
found in over 15,000 locations in North America.
Jason Cohen, the founder and Chief Executive Officer of Rickland
Orchards, is joining B&G Foods as Executive Vice President of Club
Channel. In this capacity, Mr. Cohen will be responsible for sales of
B&G Foods’ entire portfolio of brands into the club channel. Michael
Sands, Rickland Orchards’ Chief Operating Officer, is joining B&G Foods
as Vice President of Product Innovation.
“Michael and I look forward to joining B&G Foods,” stated Jason Cohen.
“We believe that our experience in the club channel and in developing on
trend, innovative products combined with B&G Foods’ seasoned management
team, sales force and impressive portfolio of brands will result in
continued growth for Rickland Orchards and incremental sales for B&G Foods’ existing brands.”
The purchase price paid for Rickland Orchards was approximately $57.5
million, subject to post-closing adjustments, of which approximately
$37.4 million was paid in cash and approximately $20.1 million was paid
in shares of common stock of B&G Foods. Natural Instincts will also be
entitled to earn-out payments if certain performance goals are achieved.
B&G Foods paid the cash portion of the purchase price for the
acquisition, which closed today, from borrowings under B&G Foods’
revolving credit facility.
Houlihan Lokey Capital, Inc. served as the investment banking advisor to
Natural Instincts LLC.
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, Sa-són, Sclafani, Smart
Puffs, Sugar Twin, Trappey’s, TrueNorth, Underwood,
Vermont Maid, Wright’s and now, Rickland Orchards.
B&G Foods also sells and distributes two branded household products, Static Guard
and Kleen Guard.
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 B&G Foods’ expectations
regarding continued growth for Rickland Orchards and incremental net
sales for B&G Foods’ existing brands. 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 2012 filed on February 26, 2013. 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.
Source: B&G Foods, Inc.
Don Duffy, 866-211-8151
Matt Lindberg, 203-682-8214