PARSIPPANY, N.J. — B&G Foods, Inc. has acquired the McCann’s Irish Oatmeal brand from TreeHouse Foods, Inc. for approximately $32 million in cash, subject to customary closing and post-closing adjustments.
“We are delighted to welcome the McCann’s brand to the B&G Foods family,” said Robert C. Cantwell, president and chief executive officer of B&G Foods. “McCann’s is an excellent complement to our existing portfolio of brands, including our Cream of Wheat hot cereal brand. This acquisition is another example, along with our acquisitions of Green Giant, Spice Islands and other spices and seasoning brands, Victoria and Back to Nature, of our efforts in recent years to acquire better-for-you brands that taste great and resonate with today’s consumer.”
McCann’s Irish Oatmeal achieved sales of about $13 million in 2017, TreeHouse said. TreeHouse acquired the brand through its purchase of Sturm Foods in 2010. McCann’s offers a range of rolled oat and steel-cut oat products, including single-serve cups, instant oatmeal and Non-GMO Project verified varieties.
“McCann’s Irish Oatmeal is a wonderful brand that has great opportunity to flourish under B&G Foods’ branded food umbrella,” said Steve Oakland, president and c.e.o. of TreeHouse Foods. “The divestiture supports our efforts to simplify and streamline our business and concentrate our efforts on private label categories that support our customers’ corporate brand initiatives. We expect proceeds from the transaction will be used to pay down debt.”