PARSIPPANY, N.J.--(BUSINESS WIRE)--Oct. 31, 2012--
B&G Foods, Inc. (NYSE: BGS) announced today that it has completed the
purchase of the New York Style® and Old
London® brands from Chipita America, Inc. for the
previously announced price of $62.5 million in cash, subject to a
post-closing adjustment based upon working capital of the business at
closing. The acquisition includes a state-of-the-art manufacturing
facility in Yadkinville, North Carolina, with approximately 250
employees. B&G Foods expects the acquisition to be immediately accretive
to earnings per share and free cash flow.
New York Style, the maker of Bagel Crisps®,
was brought to life in a small cheese shop when the owners decided to
serve their gourmet cheese samples on toasted bagel slices. When
customers started asking to purchase the savory, crunchy snacks, New
York Style Bagel Crisps were introduced and became an instant hit.
Since 1985, New York Style has been making foods for snacking and
entertaining, including Original Bagel Crisps, Mini Bagel
Crisps, Pita Chips and Panetini Italian Toast. New York Style
products offer the authentic taste of New York City’s traditional
neighborhood bakeries.
Old London was founded in 1932 as Devonsheer Melba Company.
Eventually, Devonsheer Melba became part of the Old London brand
name, which offers a larger array of Melba products. Old London has
a wide variety of flavors available in Melba Toasts, Melba Rounds and
other snacks. Old London also markets specialty snacks under
the Devonsheer® and JJ Flats®
names.
About B&G Foods, Inc.
B&G Foods and its subsidiaries manufacture, sell and distribute a
diversified portfolio of high-quality, shelf-stable foods across the
United States, Canada and Puerto Rico. B&G Foods’ products include hot
cereals, fruit spreads, canned meats and beans, spices, seasonings,
marinades, hot sauces, wine vinegar, maple syrup, molasses, salad
dressings, Mexican-style sauces, taco shells and kits, salsas, pickles,
peppers and other specialty food products. B&G Foods competes in the
retail grocery, food service, specialty, private label, club and mass
merchandiser channels of distribution. Based in Parsippany, New Jersey,
B&G Foods’ products are marketed under many recognized brands, including Ac’cent,
B&G, B&M, Baker’s Joy, Brer Rabbit, Cream of Rice, Cream of Wheat, Don
Pepino, Emeril’s, Grandma’s Molasses, Joan of Arc, Las Palmas, Maple
Grove Farms of Vermont, Molly McButter, Mrs Dash, Ortega, Polaner, Red
Devil, Regina, Sa-són, Sclafani, Sugar Twin, Trappey’s, Underwood,
Vermont Maid, Wright’s and now, New York Style, Old London,
Devonsheer and JJ Flats. B&G Foods also sells and
distributes two branded household products, Static Guard and Kleen
Guard.
Forward-Looking Statements
Statements in this press release that are not statements of
historical or current fact constitute “forward-looking statements.” The
forward-looking statements contained in this press release include
without limitation statements related to the expected impact of the
acquisition, including the expected impact on B&G Foods’ earnings per
share and free cash flow. Such forward-looking statements involve
known and unknown risks, uncertainties and other unknown factors that
could cause the actual results of B&G Foods to be materially different
from the historical results or from any future results expressed or
implied by such forward-looking statements. In addition to statements
that explicitly describe such risks and uncertainties readers are urged
to consider statements labeled with the terms “believes,” “belief,”
“expects,” “projects,” “intends,” “anticipates” or “plans” to be
uncertain and forward-looking. The forward-looking statements contained
herein are also subject generally to other risks and uncertainties that
are described from time to time in B&G Foods’ filings with the
Securities and Exchange Commission, including under Item 1A, “Risk
Factors” in the Company’s Annual Report on Form 10-K for fiscal 2011
filed on February 28, 2012. B&G Foods undertakes no obligation to
publicly update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise.
Source: B&G Foods, Inc.
ICR, Inc.
Investor Relations:
Don Duffy, 866-211-8151
or
Media
Relations:
Matt Lindberg, 203-682-8214
