PARSIPPANY, N.J. – B&G Foods, Inc. has agreed to acquire Specialty Brands of America, Inc. for approximately $155 million from American Capital, Ltd., a private equity firm.

Established in 1992, Westbury, N.Y.-based Specialty Brands offers a diverse portfolio of packaged foods, led by Bear Creek Country Kitchens dry soups and rice and pasta dishes. Brands also include Spring Tree, Cary’s and MacDonald’s maple and pancake syrups, New York Flatbreads and Canoleo margarine.

B&G Foods expects the business will generate annual net sales of approximately $85 million once fully integrated. The deal is expected to close during the second or third quarter of 2014.

“We look forward to welcoming Specialty Brands into our family of brands,” said David Wenner, president and chief executive officer of B&G Foods. “These brands complement very well our existing portfolio of brands, and we believe that B&G Foods will be able to enhance the growth prospects of these brands. In addition, consistent with our acquisition strategy, we expect the acquisition to be immediately accretive to our earnings per share and free cash flow.”

B&G Foods plans to pay with cash on hand and borrowings under its existing revolving credit facility.

The acquisition is the company’s fifth since October 2012, when it bought New York Style and Old London brands from Chipita America for $62.5 million. In 2013, B&G Foods acquired three more snack brands: Rickland Orchards for $57.5 million, Pirate Brands for $195 million, and TrueNorth for an undisclosed sum. The company has said its interest in smaller brands and a willingness to purchase packages of brands differentiates it from competitors.