Actionable news
All posts from Actionable news
Actionable news in BGS: B&G FOODS Inc,

B&G Foods Holdings: B&G Foods Completes Acquisition Of Iconic Green Giant Parsippany, N.J.,

The following excerpt is from the company's SEC filing.

November 2, 2015 B&G Foods, Inc. (NYSE: BGS) announced that effective today it has completed the acquisition of the iconic

Green Giant

Le Sueur

brands, leaders in frozen and canned vegetables, from General Mills, Inc. for the previously announced price of $765 million in cash plus an inventory adjustment at closing of approximately $58 million.

B&G Foods projects that the

brands will generate on an annualized basis net sales of approximately $550 million, adjusted EBITDA of approximately $95 million to $100 million and earnings per share of approximately $0.60.

Bec ause the acquisition was structured as an asset purchase, B&G Foods expects to realize approximately $137 million in tax benefits on a net present value basis.

brands trace their roots to Le Sueur, Minnesota in 1903, and the Minnesota Valley Canning Company. For more than 100 years, fresh and great-tasting

Green Giant

Le Sueur

vegetables have been grown and

picked at the peak of perfection

in the Valley of the Jolly

B&G Foods funded the purchase price, the inventory adjustment at closing, initial working capital requirements and related fees and expenses with additional revolving loans and $750 million of new incremental term loans under its existing credit facility.

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...