Taking Green Giant to new heights
When B&G Foods acquired Green Giant from General Mills in 2015 for approximately $765 million, the brand had been in decline for several years, Mr. Cantwell said.
“And that's not a typical acquisition for us,” he said. “We typically are looking for businesses that are relatively flat; love them to be up but not in a decline. But this was a great purchase, great price for a brand that we saw some real upside possibilities.”
In the past year, Mr. Cantwell said the company has expanded its market share in the frozen vegetable category with the launch of new Green Giant products, including Riced Veggies, Veggie Tots and Mashed Cauliflower. The brand’s newest platform, Green Giant Veggie Spirals, is set to debut in January. Positioned as a pasta alternative, the products are made with zucchini, butternut squash or carrots.“We think this is going to be as big, if not bigger, than any of the innovation we launched in September of '16,” Mr. Cantwell said. “… we are building inventory as we speak of these products and planning for a full-blown launch January 1, so we can meet every demand as this, we believe, will blow out of the freezer case.”