PARSIPPANY, N.J.--(BUSINESS WIRE)--Jul. 16, 2018--
B&G Foods, Inc. (NYSE: BGS) announced that effective today it has
acquired the McCann’s brand of premium Irish oatmeal from
TreeHouse Foods, Inc. for approximately $32.0 million in cash, subject
to customary closing and post-closing adjustments.
“We are delighted to welcome the McCann’s brand to the B&G Foods
family,” stated Robert C. Cantwell, President and Chief Executive
Officer of B&G Foods. “McCann’s is an excellent complement to
our existing portfolio of brands, including our Cream of Wheat hot
cereal brand. This acquisition is another example, along with our
acquisitions of Green Giant, Spice Islands and other
spices & seasoning brands, Victoria and Back to Nature,
of our efforts in recent years to acquire better-for-you brands that
taste great and resonate with today’s consumer.”
B&G Foods funded the acquisition and related fees and expenses with cash
on hand and revolving loans under its existing credit facility.
About McCann’s® Irish
Oatmeal
Since the 1800s, McCann’s Irish Oatmeal has been warming the
hearts, minds and souls of the most discriminating oatmeal lovers. The
story of McCann’s Irish Oatmeal dates back to 1800 when John
McCann built a mill in County Meath to grind the raw oats harvested on
Ireland’s beautiful east coast. In the early part of 20th
century, exports of McCann’s Irish Oatmeal greatly increased,
particularly to the United States and Canada, enabling the inhabitants
of New York, Boston, Philadelphia, Detroit, San Francisco, Montreal and
Vancouver to enjoy the distinctive, nutty flavor of steel cut Irish
oats. Today, McCann’s continues to offer across the United States
and Canada the classic traditional steel cut Irish oatmeal as well as
convenience-oriented products designed for today’s busy consumer who
still loves great food. For more information, please visit www.mcanns.ie.
About B&G Foods, Inc.
Based in Parsippany, New Jersey, B&G Foods and its subsidiaries
manufacture, sell and distribute high-quality, branded shelf-stable and
frozen foods across the United States, Canada and Puerto Rico. With B&G
Foods’ diverse portfolio of more than 50 brands you know and love,
including Back to Nature, B&G, B&M, Cream
of Wheat, Green Giant, Las Palmas, Le Sueur,
Mama Mary’s, Maple Grove Farms, Mrs. Dash,
New York Style, Ortega, Pirate’s Booty,
Polaner, SnackWell’s, Spice Islands,
Victoria and now, McCann’s, there’s a little something for
everyone. For more information about B&G Foods and its brands, please
visit www.bgfoods.com.
Forward-Looking Statements
Statements in this press release that are not statements of
historical or current fact constitute “forward-looking statements.” 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. Factors that may affect actual results include, without
limitation, whether and when the Company will be able to realize the
expected financial results and accretive effect of the transaction, and
how customers, competitors, suppliers and employees will react to the
acquisition. 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 2017 filed on March 1,
2018 and in its subsequent reports on Forms 10-Q and 8-K. Investors
are cautioned not to place undue reliance on any such forward-looking
statements, which speak only as of the date they are made. 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: https://www.businesswire.com/news/home/20180716005810/en/
Source: B&G Foods, Inc.
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