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B&G Foods Completes Acquisition of Back to Nature Foods
New York Ag Connection - 10/04/2017

B&G Foods, Inc. announced that it has completed the acquisition of Back to Nature Foods Company, LLC, a leader in the better-for-you snack foods category, from Brynwood Partners VI L.P., Mondelez International and certain other entities and individuals for approximately $162.5 million in cash, subject to customary closing and post-closing working capital adjustments.

B&G Foods expects the acquisition to be immediately accretive to its earnings per share and free cash flow and projects that following the completion of a six-month integration period, the acquired business will generate on an annualized basis net sales of approximately $80 million and adjusted EBITDA of approximately $17 million. Based upon the foregoing adjusted EBITDA guidance, the acquisition represents a purchase price multiple of approximately 9.6 times adjusted EBITDA (or 8.4 times adjusted EBITDA net of the present value of expected tax benefits).

Back to Nature Foods has been a pioneer in the better-for-you snack foods category, and its namesake brand is a leading cookie and cracker brand in the category. The Back to Nature brand's product offerings include Non-GMO Project Verified, organic and gluten free products. Back to Nature Foods also offers the SnackWell's brand of low-fat and no-fat snacks.

B&G Foods funded the acquisition and related fees and expenses with additional revolving loans under its existing credit facility.

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