B&G Foods Inc., Parsippany, N.J., has acquired Rickland Orchards LLC, Fairfield, N.J., from Natural Instincts LLC, Phoenix.
“We are delighted to welcome Rickland Orchards, Jason Cohen and Michael Sands to the B&G Foods family,” states David L. Wenner, president and CEO of B&G Foods. “Jason and Michael have a strong history of developing, marketing and building brands, especially in the club channel. Under their leadership the Rickland Orchards brand, which was launched in March 2012, has already achieved annualized net sales exceeding $50 million, with a strong presence across the club, retail, mass and convenience channels. Combining the talents of Jason and Michael with B&G Foods’ existing strong management team and sales force will benefit both Rickland Orchards and B&G Foods’ base business.”
The acquisition of Rickland Orchards, whose products include Greek yogurt-coated granola bars and bites, is the fourth acquisition by B&G Foods since October 2012. Rickland Orchards’ products, which blend a strained Greek yogurt coating with roasted nuts, granola and fruit to create convenient, protein-packed snacks, can be found in more than 15,000 locations in North America.
Jason Cohen, founder and CEO of Rickland Orchards, joins B&G Foods as executive vice president of club channel. In this capacity, he is responsible for sales of B&G Foods’ entire portfolio of brands into the club channel. Michael Sands, Rickland Orchards’ COO, becomes B&G Foods’ vice president of product innovation.
The purchase price paid for Rickland Orchards was approximately $57.5 million, subject to post-closing adjustments, of which approximately $37.4 million was paid in cash and approximately $20.1 million was paid in shares of common stock of B&G Foods. Natural Instincts will also be entitled to earn-out payments if certain performance goals are achieved. B&G Foods paid the cash portion of the purchase price for the acquisition, which closed today, from borrowings under B&G Foods’ revolving credit facility.
Source: Business Wire