PARSIPPANY, N.J.--(BUSINESS WIRE)--May 15, 2019--
B&G Foods, Inc. (NYSE: BGS) announced that effective today it has
acquired the Clabber Girl Corporation, a leader in baking products,
including baking powder, baking soda and corn starch, from Hulman &
Company. In addition to Clabber Girl, the number one retail
baking powder brand, Clabber Girl Corporation’s product offerings
include the Rumford, Davis, Hearth Club and Royal
brands of retail baking powder, baking soda and corn starch, and the Royal
brand of foodservice dessert mixes.
B&G Foods expects the acquisition to be immediately accretive to
earnings per share and free cash flow and projects that the acquired
business will generate approximately $70 to $75 million of net sales on
an annualized basis.
“We are pleased to announce the addition of Clabber Girl to our
portfolio of brands,” stated Kenneth G. Romanzi, President and Chief
Executive Officer of B&G Foods. “This acquisition is consistent with our
longstanding acquisition strategy of targeting well-established brands
with defensible market positions and strong cash flow at reasonable
purchase price multiples. Clabber Girl Corporation is the number one
manufacturer of branded retail baking powder and also holds leadership
positions in baking soda and corn starch.”
B&G Foods funded the acquisition and related fees and expenses with cash
on hand and revolving loans under its existing credit facility.
About Clabber Girl Corporation
Clabber Girl Corporation is the manufacturer of Clabber Girl
Baking Powder, the #1 retail baking powder brand in the nation. For more
than 150 years, Clabber Girl has earned the trust of home cooks and
culinary professionals alike. Today, Clabber Girl is more than just
baking powder; it is a leader in the food industry. Recently, it has
expanded its product offerings to include a broader range of cooking and
baking ingredients, creating a stronger presence in retail, foodservice
and industrial markets. For more information, please visit www.clabbergirl.com.
About B&G Foods, Inc.
Based in Parsippany, New Jersey, B&G Foods and its subsidiaries
manufacture, sell and distribute high-quality, branded shelf-stable and
frozen foods across the United States, Canada and Puerto Rico. With B&G
Foods’ diverse portfolio of more than 50 brands you know and love,
including Back to Nature, B&G, B&M, Cream of Wheat,
Green Giant, Las Palmas, Le Sueur, Mama Mary’s,
Maple Grove Farms, Mrs. Dash, New York Style,
Ortega, Polaner, SnackWell’s, Spice Islands
and Victoria, there’s a little something for everyone. For
more information about B&G Foods and its brands, please visit www.bgfoods.com.
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 without limitation, the expected impact on
B&G Foods’ earnings per share, free cash flow and net sales.
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. Factors that may affect actual results include, without
limitation, whether and when the Company will be able to realize the
expected financial results and accretive effect of the transaction, and
how customers, competitors, suppliers and employees will react to the
acquisition. 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 2018 filed on February
26, 2019 and in its subsequent reports on Forms 10-Q and 8-K. Investors
are cautioned not to place undue reliance on any such forward-looking
statements, which speak only as of the date they are made. 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.
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Source: B&G Foods, Inc.