Parsippany / NJ. (bgs) B+G Foods Inc. announced that it has acquired Victoria Fine Foods Holding Company and Victoria Fine Foods, LLC from Huron Capital Partners and certain other sellers for approximately 70.0 million USD in cash, subject to a customary working capital adjustment.
«We are delighted to welcome Victoria Fine Foods and the Victoria premium pasta sauce brand to the B+G Foods family», stated Robert C. Cantwell, President and Chief Executive Officer of B+G Foods. «The Victoria brand complements very well our existing portfolio of brands, including our Don Pepino pizza sauces, Sclafani crushed tomatoes and Emeril’s pasta sauces. And, 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 projects that after it fully integrates the Victoria brand, the brand will generate on an annualized basis net sales of approximately 41.0 million USD and adjusted Ebitda of approximately 9.0 million USD.
Victoria Fine Foods is a Brooklyn-based business founded in 1929. The Victoria brand offers a variety of premium pasta and specialty sauces, savoury condiments and tasty gourmet spreads. Using traditional cooking methods, Victoria sauces are slow kettle-cooked in small batches to ensure rich flavour and a homemade taste. Committed to its values of quality, honesty, authenticity and community, Victoria believes that «Ingredients Come FirstT».
B+G Foods funded the acquisition and related fees and expenses with cash on hand and additional revolving loans under its existing credit facility.