Slideshow: B&G's acquisition binge continues
by Keith Nunes
Click for a slideshow of recent acquisitions by B&G Foods.
PARSIPPANY, N.J. — B&G Foods, Inc. has acquired Rickland Orchards L.L.C. from Natural Instincts L.L.C. for $57.5 million. Launched in 2012, Rickland Orchards is a manufacturer of Greek yogurt-coated granola bars and bites.
“We are delighted to welcome Rickland Orchards, Jason Cohen and Michael Sands to the B&G Foods family,” said 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 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.”
Mr. Cohen has been named executive vice-president of club channel for B&G Foods. He will be responsible for sales of B&G Foods’ portfolio of products into the club channel. Mr. Sands has been named vice-president of product innovation for B&G Foods.
The transaction will include a payment of $34.7 million in cash and approximately $20.1 million in shares of B&G Foods’ common stock. Natural Instincts also will be entitled to earn-out payments if certain performance goals are achieved.
The acquisition is the fourth by B&G Foods since October 2012. In June, the company acquired Pirate Brands for $195 million, and the TrueNorth brand was acquired in May. During the fourth quarter of 2012, B&G Foods acquired the New York Style and Old London brands from Chipita America for $62.5 million.