US-based consumer goods firm B&G Foods has announced the acquisition of the McCann’s Irish Oatmeal brand from TreeHouse Foods, the private label manufacturer, for $32 million in cash.
Positioned as a “premium” Irish oatmeal brand, McCann’s is sold across the USA and Canada as a classic traditional steel cut Irish oatmeal “known for the distinctive, nutty flavor of steel cut Irish oats”.
TreeHouse Foods first acquired the McCann’s Irish Oatmeal brand through its purchase of Sturm Foods in 2010.
Commenting on the deal, TreeHouse Foods CEO Steve Oakland said: “McCann’s Irish Oatmeal is a wonderful brand that has great opportunity to flourish under B&G Foods’ branded food umbrella. 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”.
In a statement, B&G Foods CEO Robert C Cantwell added: “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”.
Source: TreeHouse Foods (via PR Newswire) / B&G Foods