August 8/Paramus, N.J./Press Release -- Smart Balance Inc. announced it acquired 100% of the equity interest of Importations DE-RO-MA, which owns Glutino Food Group, for $66.3 million, from Claridge, a Montreal-based investment firm. Based in Laval, Quebec, Glutino is a manufacturer and marketer of premium-priced, gluten-free foods sold under the Glutino and Gluten Free Pantry brands. Glutino offers a wide range of shelf-stable and frozen gluten-free products, including snack foods, frozen baked goods, frozen entrees and baking mixes throughout North America and on its website www.glutenfree.com. Glutino had annual sales of $53.9 million during its fiscal year ended March 31, 2011.
The transaction was funded by Smart Balance's existing credit facility. As of the close of the acquisition, Smart Balance's long-term debt is estimated to be $115 million. The addition of Glutino to Smart Balance's portfolio of brands is expected to be accretive to earnings in the next 12 months.