ods has acquired US-based snack food manufacturer Robert's American Gourmet Food from VMG Partners, Michael Repole, founder Robert Ehrlich and other parties in an all-cash deal of $195m.Robert's American Gourmet Food, which is also known as Pirate Brands, is a manufacturer of all natural snacks under the Pirate's Booty, Smart Puffs and Original Tings brands. The company's product portfolio includes Aged White Cheddar, Veggie Booty, Smart Puffs, Tings, Potato flyers, power puffs, grateful puffs and veggie chips among others.
B&G Foods financed the acquisition with the remaining net proceeds of its recently completed senior notes offering and approximately $40m of additional revolving credit borrowings under its credit agreement.
The company expects the acquisition to be immediately accretive to earnings per share and free cash flow.
On 10 June, B&G Foods entered into agreement to acquire Robert's American Gourmet Food VMG Partners, Driven Capital Management, founder Robert Ehrlich and other parties for $195m in cash.
B&G Foods and its subsidiaries manufacture, sell and distribute a wide range of branded shelf-stable foods across the US, Canada and Puerto Rico. The company's products are marketed under brands including Ac'cent, B&G, B&M, Baker's Joy, Brer Rabbit, Cream of Rice, Cream of Wheat, Devonsheer, Don Pepino, Emeril's and Grandma's Molasses among others.
