B&G Foods buying packaged foods firm for $155M

B&G Foods (BGS) is acquiring Specialty Brands of America, a maker or soups, pasta/rice dishes, syrups, flatbreads, margarine, and other packaged foods, for $155M in cash.

Specialty Brands is expected to have annual revenue of $85M, and adjusted EBITDA of $20M. The deal is expected to close in Q2 or Q3, and be funded by a mixture of cash on hand and credit facility borrowings.

B&G expects the acquisition to be immediately accretive to EPS and free cash flow.

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