B&G Foods, Inc. announced that it has completed the acquisition of the iconic Green Giant® and Le Sueur® brands, leaders in frozen and canned vegetables, from General Mills, Inc. for the previously announced price of $765 million in cash plus an inventory adjustment at closing of approximately $58 million.

B&G Foods projects that the Green Giant and Le Sueur brands will generate on an annualized basis net sales of approximately $550 million, adjusted EBITDA of approximately $95 million to $100 million and earnings per share of approximately $0.60. Because the acquisition was structured as an asset purchase, B&G Foods expects to realize approximately $137 million in tax benefits on a net present value basis. The Green Giant and Le Sueur brands trace their roots to Le Sueur, Minnesota in 1903, and the Minnesota Valley Canning Company. For more than 100 years, fresh and great-tasting Green Giant and Le Sueur vegetables have been grown and picked at the peak of perfection® in the Valley of the Jolly Green Giant.

B&G Foods funded the purchase price, the inventory adjustment at closing, initial working capital requirements and related fees and expenses with additional revolving loans and $750 million of new incremental term loans under its existing credit facility.