B&G Foods has acquired US pasta sauce maker Victoria Fine Foods from private-equity owners Huron Capital Partners for US$70m in cash.
“We are delighted to welcome Victoria Fine Foods and the Victoria premium pasta sauce brand to the B&G Foods family,” B&G president and CEO 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.”
B&G Foods projects after it fully integrates the Victoria brand, the business will generate annualised net sales of approximately $41m and adjusted EBITDA of approximately $9m.
Victoria Fine Foods is a Brooklyn-based business that offers pasta sauces, savoury condiments and gourmet spreads. Victoria sauces are slow kettle-cooked in small batches.
B&G Foods funded the acquisition and related fees and expenses with cash on hand and additional revolving loans under its existing credit facility.