B&G Foods To Buy Specialty Brands Of America

(RTTNews) - B&G Foods, Inc. (BGS) said Thursday that it has entered into an agreement to acquire Specialty Brands of America, Inc. and related entities from affiliates of private equity firm American Capital, Ltd. and certain individuals for about $155 million in cash, subject to certain closing and post-closing adjustments.

Specialty Brands is a packaged foods company with a portfolio of strong and differentiated brands. Specialty Brands' largest brand is Bear Creek Country Kitchens. Bear Creek is the leading brand of hearty dry soups in the United States. Bear Creek also offers a line of savory pasta dishes and hearty rice dishes. Specialty Brands also offers Spring Tree, Cary's and MacDonald's pure maple syrups and pancake syrups, New York Flatbreads and Canoleo margarine.

B&G Foods expects the acquisition to close during the second or third quarter of 2014.

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 about $85 million.