B&G Foods acquires specialty sauce maker Victoria Fine Foods
US-based B&G Foods has acquired pasta and specialty sauce maker Victoria Fine Foods from Huron Capital Partners and certain other sellers for approximately $70m.
The transaction amount is subject to a customary working capital adjustment.
B&G Foods president and chief executive officer Robert Cantwell said: “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.”
The acquisition also includes Victoria Fine Foods Holding Company.
Founded in 1929, Brooklyn-based Victoria Fine Foods offers a variety of pasta and specialty sauces, savory condiments and tasty gourmet spreads under the Victoria brand.
B&G Foods expects the Victoria brand to generate annualized net sales of approximately $41m after its full integration.
To ensure rich flavor and a homemade taste, Victoria sauces are said to be slow kettle-cooked in small batches by using traditional cooking methods.
B&G Foods said that it has funded the acquisition with cash on hand and additional revolving loans under its existing credit facility.
While Sawaya Segalas & Co served as the exclusive financial advisor to Victoria Fine Foods in the transaction, Perella Weinberg Partners served as a financial advisor to B&G Foods.
B&G Foods produces a range of frozen foods under its umbrella which it sells across the US, Canada and Peurto Rico.
Some of its brands include Ac’cent, Bear Creek Country Kitchens, Baker’s Joy, Canoleo, Cary’s, Brer Rabbit, Cream of Rice, Cream of Wheat, Devonsheer, Grandma’s Molasses, Emeril’s and Don Pepino.
Image: B&G Foods acquires Victoria Fine Foods for nearly $70m. Photo courtesy of Victoria Fine Foods.