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B & G Foods Completes Purchase of Culver Specialty Brands from Unilever

Mrs. Dash, Molly McButter, Sugar Twin and Baker's Joy Included in the Transaction

Updated 12/04/2011 to include finalization of transaction.

12/04/2011 & 10/28/2011 - Parsippany, N.J. (Business Wire) - B&G Foods, Inc. (NYSE: BGS) announced on October 28 that it has entered into an agreement to acquire the Mrs. Dash, Molly McButter, Sugar Twin, Baker's Joy, Static Guard and Kleen Guard brands from Unilever United States, Inc. for approximately $325 million in cash. The B purchase was completed for the previously announced price of $325 million in cash, subject to a post-closing adjustment for inventory at the closing date. B&G Foods expects the acquisition to be immediately accretive to earnings per share and free cash flow.

David L. Wenner, President and Chief Executive Officer of B&G Foods, stated:

"We are very pleased to add these six brands to the B&G Foods portfolio. Mrs. Dash seasonings have a unique position within the seasonings category and are very relevant to today's health conscious consumer. The other brands in the transaction are also consistent with B&G Foods' acquisition strategy of acquiring smaller, high-margin brands. We expect the acquisition to enhance the already high margin structure of B&G Foods and to be immediately accretive to our earnings per share and free cash flow." 

Mrs. Dash and the five other brands generated approximately $90 million of sales in the twelve months ended September 30, 2011. B&G Foods projects that the brands will generate EBITDA of $35 to $38 million during fiscal 2012. 

B&G Foods expects to fund the acquisition with additional debt and has received financing commitments for senior secured debt financing from Credit Suisse, Barclays Bank PLC and Royal Bank of Canada in an amount sufficient to fund the purchase price and refinance the Company's existing senior secured credit facilities. In addition Credit Suisse, Barclays Capital and RBC Capital Markets acted as financial advisors to B&G Foods. 

B&G Foods expects the acquisition of the six brands and the related financing to close in 2011, subject to regulatory approval and the satisfaction of customary closing conditions.