B&G Completes Acquisition Of McCann's Oatmeal From TreeHouse Foods
B&G Foods has completed the acquisition of the McCann’s brand of premium Irish oatmeal from TreeHouse Foods for $32 million (€27 million) in cash, and any relevant closing and post-closing adjustments.
“We are delighted to welcome the McCann’s brand to the B&G Foods family,” stated Robert C. Cantwell, President and Chief Executive Officer of B&G Foods.
“McCann’s is an excellent complement to our existing portfolio of brands, including our Cream of Wheat hot cereal brand. This acquisition is another example, along with our acquisitions of Green Giant, Spice Islands and other spices & seasoning brands, Victoria and Back to Nature, of our efforts in recent years to acquire better-for-you brands that taste great and resonate with today’s consumer.”
B&G Foods funded the acquisition and related fees and expenses with cash on hand and revolving loans under its existing credit facility.
TreeHouse Foods acquired the McCann's Irish Oatmeal brand through its purchase of Sturm Foods in 2010.
In its own statement, TreeHouse Foods CEO and President, Steve Oakland, said that McCann's Irish Oatmeal is a wonderful brand that has great opportunity to flourish under B&G Foods.
"The divestiture supports our efforts to simplify and streamline our business and concentrate our efforts on private label categories that support our customers' corporate brand initiatives. We expect proceeds from the transaction will be used to pay down debt."
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.