B&G Foods Completes Purchase of the New York Style and Old London brands
from Chipita America
PARSIPPANY, N.J. -- October 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 ChipitaAmerica,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&GFoods
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. NewYorkStyle products offer the authentic taste
of New York City’s traditional neighborhood bakeries.
OldLondon was founded in 1932 as Devonsheer Melba Company. Eventually,
Devonsheer Melba became part of the OldLondon brand name, which offers a
larger array of Melba products. OldLondon has a wide variety of flavors
available in Melba Toasts, Melba Rounds and other snacks. OldLondon also
markets specialty snacks under the Devonsheer^® and JJFlats^® 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&GFoods 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, BrerRabbit, Cream of Rice,
Cream of Wheat, Don Pepino, Emeril’s, Grandma’s Molasses, Joanof Arc, Las
Palmas, Maple Grove Farms of Vermont, Molly McButter, MrsDash, Ortega,
Polaner, Red Devil, Regina, Sa-són, Sclafani, Sugar Twin, Trappey’s,
Underwood, VermontMaid, Wright’s and now, New York Style, Old London,
Devonsheer and JJFlats. B&G Foods also sells and distributes two branded
household products, Static Guard and Kleen Guard.
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&GFoods 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&GFoods
undertakes no obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or otherwise.
Don Duffy, 866-211-8151
Matt Lindberg, 203-682-8214
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