PARSIPPANY, N.J.--(BUSINESS WIRE)--Jul. 13, 2015--
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150713005634/en/
Source: B&G Foods, Inc.
Investor Relations:
ICR, Inc.
Don Duffy, 866-211-8151
or
Media
Relations:
ICR, Inc.
Matt Lindberg, 203-682-8214
