PARSIPPANY, N.J.--(BUSINESS WIRE)--B&G Foods, Inc. (NYSE:BGS) announced that effective today it has completed the acquisition of Back to Nature Foods Company, LLC, a leader in the better-for-you snack foods category, from Brynwood Partners VI L.P., Mondel?z International and certain other entities and individuals for approximately $162.5 million in cash, subject to customary closing and post-closing working capital adjustments.
B&G Foods expects the acquisition to be immediately accretive to its earnings per share and free cash flow and projects that following the completion of a six-month integration period, the acquired business will generate on an annualized basis net sales of approximately $80 million and adjusted EBITDA of approximately $17 million. Based upon the foregoing adjusted EBITDA guidance, the acquisition represents a purchase price multiple of approximately 9.6 times adjusted EBITDA (or 8.4 times adjusted EBITDA net of the present value of expected tax benefits).
Back to Nature Foods has been a pioneer in the better-for-you snack foods category, and its namesake brand is a leading cookie and cracker brand in the category. The Back to Nature brand’s product offerings include Non-GMO Project Verified, organic and gluten free products. Back to Nature Foods also offers the SnackWell’s brand of low-fat and no-fat snacks.
B&G Foods funded the acquisition and related fees and expenses with additional revolving loans under its existing credit facility.
About Back to Nature Foods Company, LLC
Back to Nature Foods’ mission has been to provide everyday foods that are simply delicious, simply good. The Back to Nature brand is committed to creating delicious and flavorful recipes using ingredients inspired by nature by carefully selecting ingredients to create great-tasting, affordable products that everyone can enjoy. Back to Nature products represent a wide range of categories, including cookies, crackers, nuts and trail mixes, granola, juices, soups and cereals. For more information, please visit www.backtonaturefoods.com.
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 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, Spice Islands, Victoria and now, Back to Nature and SnackWell’s, there’s a little something for everyone. For more information about B&G Foods and its brands, please visit www.bgfoods.com.
