US-based consumer goods firm B&G Foods is adding to its portfolio, having agreed to acquire Victoria Fine Foods for $70 million.
Post acquisition, B&G projects that the Victoria brand, once integrated, will generate $41 million in sales.
Brooklyn, USA based Victoria Foods offers pastas and speciality sauces, condiments and spreads under the Victoria brand. Victoria sauces are described as being slow kettle-cooked in small batches, using traditional cooking methods, to ensure rich flavour and a homemade taste.
B&G Foods manufactures and sells products such as sauces, dressings and canned vegetables across the USA, Canada and Puerto Rico. Last year, the company also acquired vegetables brand Green Giant from General Mills.
Commenting on the acquisition, B&G Foods president & CEO Robert C Cantwell said: “We are delighted to welcome Victoria Fine Foods and the Victoria premium pasta sauce brand to the B&G Foods family. The Victoria brand complements very well our existing portfolio of brands[…]. And, consistent with our acquisition strategy, we expect the acquisition to be immediately accretive to our earnings per share and free cash flow”.
Source: B&G Foods (via BusinessWire)