“We are delighted to welcome Rickland Orchards, Jason Cohen and Michael Sands to the B&G Foods family,” stated David L. Wenner, president and chief executive officer of B&G Foods. “Jason and Michael have a strong history of developing, marketing and building brands, especially in the club channel. Under their leadership, the Rickland Orchards brand, which was launched in March 2012, has already achieved annualized net sales exceeding $50.0 million, with a strong presence across the club, retail, mass and convenience channels. Combining the talents of Jason and Michael with B&G Foods’ existing strong management team and sales force will benefit both Rickland Orchards and B&G Foods’ base business.”
The acquisition of Rickland Orchards, whose products include Greek yogurt coated granola bars and bites, is the fourth acquisition by B&G Foods since October 2012. Rickland Orchards’ products blend a strained Greek yogurt coating with roasted nuts, granola and fruit to create protein-packed snacks and can be found in over 15,000 locations in North America.
Jason Cohen, the founder and chief executive officer of Rickland Orchards, is joining B&G Foods as executive vice president of Club Channel. In this capacity, Cohen will be responsible for sales of B&G Foods’ entire portfolio of brands into the club channel. Michael Sands, Rickland Orchards’ chief operating officer, is joining B&G Foods as vice president of Product Innovation.
“Michael and I look forward to joining B&G Foods,” stated Jason Cohen. “We believe that our experience in the club channel and in developing on trend, innovative products combined with B&G Foods’ seasoned management team, sales force and impressive portfolio of brands will result in continued growth for Rickland Orchards and incremental sales for B&G Foods’ existing brands.”
The purchase price paid for Rickland Orchards was approximately $57.5 million, subject to post-closing adjustments, of which approximately $37.4 million was paid in cash and approximately $20.1 million was paid in shares of common stock of B&G Foods. Natural Instincts will also be entitled to earn-out payments if certain performance goals are achieved. B&G Foods paid the cash portion of the purchase price for the acquisition, which closed today, from borrowings under B&G Foods’ revolving credit facility.
