Roseland, NJ - B&G Foods, Inc. announced that it has entered into a definitive agreement to purchase a group of six brands (the Heritage brands) from the Pillsbury Company. The brands involved in the transaction include B&M Baked Beans, Ac'cent and Sa-son Ac'cent flavor enhancers, Underwood meat spreads, Las Palmas authentic Mexican foods, and Joan of Arc canned beans. B&G will purchase world-wide rights to all of the brands with the exception of Underwood meat spreads in Venezuela. Completion of the acquisition is subject to Hart-Scott-Rodino review. Upon completion of the acquisition, the company intends to add the lines to its national grocery sales and distribution system.
David L. Wenner, President and Chief Executive Officer of B&G, stated “This is a very significant acquisition for our company. It adds well-known household brands to our portfolio and brings economies of scale to our sales and distribution systems. With this acquisition and the pending Polaner acquisition the company has made great strides toward becoming a significant national presence in the grocery trade. Our expertise with smaller brands should serve these particular brands well.” The acquisition includes the B&M manufacturing facility in Portland, Maine and certain production lines now located in Pillsbury's Hannibal, Missouri facility.
The statements in this press release that are not historical facts are forward-looking statements reflecting the Company's current views as to future events and financial performance with respect to the Heritage brands acquisition. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in this press release. Factors that might cause such a difference include the possibility of lower sales volumes for Heritage brands products, higher costs of raw materials and reactions of competitors to the transaction. Forward-looking statements speak only as of the date made. B&G undertakes no obligation to update any forward-looking statement to reflect events or circumstances arising after it is made.
B&G Foods, Inc. is a diversified food products company with 1998 proforma sales of approximately $205,000,000. The company is headquartered in Roseland, New Jersey and manufactures and sells B&G(r) brand pickles, peppers and specialty items, Trappey(r) peppers, Vermont Maid(r) syrup, Regina(r) wine vinegars, Brer Rabbit(r) molasses, Red Devil(r) hot sauces and Maple Grove Farms(r) syrups, salad dressings and specialty items. It also manufactures and sells bagel chips and other baked snacks under the Burns & Ricker(r), New York Style(r) and Regina Panetini(r) trademarks. The company was acquired in December 1996 by the New York investment firm Bruckmann, Rosser, Sherrill & Co., L.P. The company had announced the pending acquisition of the Polaner brand two weeks ago. That transaction is expected to close within a week.
Meat Industry Insights News Service
P.O. Box 553
Northport, NY 11768
Phone: 631-757-4010
Fax: 631-757-4060
E-mail: sflanagan@sprintmail.com
Return to Home Page