B&G Foods Acquires Rickland Orchards
— Jason Cohen Joins B&G Foods as Executive Vice President of Club Channel —
PARSIPPANY, N.J. -- October 7, 2013
B&G Foods, Inc. (NYSE:BGS) announced today that it has acquired Rickland
Orchards LLC from Natural Instincts LLC.
“We are delighted to welcome Rickland Orchards, Jason Cohen and Michael Sands
to the B&G Foods family,” stated David L. Wenner, President and Chief
Executive Officer of B&G Foods. “Jason and Michael have a strong history of
developing, marketing and building brands, especially in the club channel.
Under their leadership the Rickland Orchards^® brand, which was launched in
March 2012, has already achieved annualized net sales exceeding $50.0 million,
with a strong presence across the club, retail, mass and convenience channels.
Combining the talents of Jason and Michael with B&G Foods’ existing strong
management team and sales force will benefit both Rickland Orchards and B&G
Foods’ base business.”
The acquisition of Rickland Orchards, whose products include Greek yogurt
coated granola bars and bites, is the fourth acquisition by B&G Foods since
October 2012. Rickland Orchards’ products blend a strained Greek yogurt
coating with roasted nuts, granola and fruit to create convenient,
great-tasting and protein-packed snacks, and can be found in over 15,000
locations in North America.
Jason Cohen, the founder and Chief Executive Officer of Rickland Orchards, is
joining B&G Foods as Executive Vice President of Club Channel. In this
capacity, Mr. Cohen will be responsible for sales of B&GFoods’ entire
portfolio of brands into the club channel. Michael Sands, Rickland Orchards’
ChiefOperating Officer, is joining B&G Foods as Vice President of Product
“Michael and I look forward to joining B&G Foods,” stated Jason Cohen. “We
believe that our experience in the club channel and in developing on trend,
innovative products combined with B&GFoods’ seasoned management team, sales
force and impressive portfolio of brands will result in continued growth for
Rickland Orchards and incremental sales for B&G Foods’ existing brands.”
The purchase price paid for Rickland Orchards was approximately $57.5 million,
subject to post-closing adjustments, of which approximately $37.4 million was
paid in cash and approximately $20.1 million was paid in shares of common
stock of B&G Foods. Natural Instincts will also be entitled to earn-out
payments if certain performance goals are achieved. B&G Foods paid the cash
portion of the purchase price for the acquisition, which closed today, from
borrowings under B&G Foods’ revolving credit facility.
Houlihan Lokey Capital, Inc. served as the investment banking advisor to
Natural Instincts LLC.
About B&G Foods, Inc.
B&G Foods and its subsidiaries manufacture, sell and distribute a diversified
portfolio of high-quality, branded shelf-stable foods across the United
States, Canada and Puerto Rico. Based in Parsippany, NewJersey, B&GFoods’
products are marketed under many recognized brands, including Ac’cent, B&G,
B&M, Baker’sJoy, Brer Rabbit, Cream of Rice, Cream of Wheat, Devonsheer, Don
Pepino, Emeril’s, Grandma’sMolasses, JJFlats, Joan of Arc, Las Palmas, Maple
Grove Farms, Molly McButter, Mrs.Dash, NewYork Style, OldLondon, Original
Tings, Ortega, Pirate’s Booty, Polaner, Red Devil, Regina, Sa-són, Sclafani,
Smart Puffs, Sugar Twin, Trappey’s, TrueNorth, Underwood, Vermont Maid,
Wright’s and now, Rickland Orchards. B&G Foods also sells and distributes two
branded household products, StaticGuard 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 B&G Foods’ expectations regarding continued growth for
RicklandOrchards and incremental net sales for B&G Foods’ existing brands.
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 2012 filed on February 26, 2013. 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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