“We are excited to have reached an agreement to acquire Specialty Brands of America,” stated David L. Wenner, president and chief executive officer of B&G Foods. “Under the leadership of American Capital and Dom Bastien, the founder and chief executive officer of Specialty Brands, the company has built a solid and profitable business that continues to grow.”
Wenner continued, “We look forward to welcoming Specialty Brands into our family of brands. These brands complement very well our existing portfolio of brands and we believe that B&G Foods will be able to enhance the growth prospects of these brands. In addition, 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 following the acquisition, Specialty Brands will generate on an annualized basis after being fully integrated into B&G Foods net sales of approximately $85 million and adjusted EBITDA of approximately $20 million.