PARSIPPANY, N.J.--(BUSINESS WIRE)--Oct. 17, 2018--
B&G Foods, Inc. (NYSE: BGS) announced that effective today it has
completed the sale of its Pirate Brands business, including the Pirate’s Booty,
Smart Puffs and Original Tings brands, to
Amplify Snack Brands, Inc., a subsidiary of The Hershey Company, for
approximately $420.0 million in cash, subject to customary closing and
post-closing adjustments.
B&G Foods intends to use the proceeds from the sale together with
additional borrowings under its revolving credit facility to repay the
entire $500.1 million principal amount of tranche B term loans
outstanding under its credit facility and to pay taxes, fees and
expenses related to the sale.
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, Polaner, SnackWell’s,
Spice Islands and Victoria, 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.” The
forward-looking statements contained in this press release include,
without limitation, statements related to the use of proceeds from the
sale of Pirate 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
2016 filed on March 1, 2017 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/20181017005825/en/
Source: B&G Foods, Inc.
Investor Relations:
ICR, Inc.
Dara Dierks
866-211-8151
or
Media
Relations:
ICR, Inc.
Matt Lindberg
203-682-8214