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BGS

B&G Foods

$41.30

-0.15 (-0.36%)

16:08
11/21/16
11/21
16:08
11/21/16
16:08

B&G Foods completes acquisition of spices business from ACH Food Companies

B&G Foods announced that, effective today, it has completed the acquisition of the spices and seasonings business of ACH Food Companies, Inc., a supplier of spices and seasonings to retail and food service customers, for $365M in cash, subject to a customary adjustment based upon inventory at closing. B&G Foods expects the acquisition to be immediately accretive to its earnings per share and free cash flow. B&G Foods projects that after the acquisition is fully integrated the acquired business will generate on an annualized basis net sales in the range of $220M-$225M, adjusted EBITDA in the range of $38M-$40M and adjusted diluted earnings per share in the range of 26c-28c. Because the acquisition was structured as an asset purchase, B&G Foods expects to realize approximately $83M in tax benefits on a net present value basis. At the midpoint of B&G Foods' post-integration projected adjusted EBITDA for the business, the acquisition represents a purchase price multiple of approximately 9.4 times adjusted EBITDA. B&G Foods funded the acquisition and related fees and expenses with cash on hand, including the net proceeds of its August 2016 public offering of common stock, and additional revolving loans under its existing credit facility.

BGS B&G Foods
$41.30

-0.15 (-0.36%)

05/13/16
DADA
05/13/16
DOWNGRADE
Target $45
DADA
Neutral
B&G Foods downgraded to Neutral from Buy at DA Davidson
DA Davidson downgraded B&G Foods to Neutral citing recent share strength and raised its price target to $45 from $40.
07/29/16
DADA
07/29/16
UPGRADE
DADA
Buy
B&G Foods upgraded to Buy from Neutral at DA Davidson
07/29/16
DADA
07/29/16
UPGRADE
DADA
Buy
B&G Foods upgraded on results at DA Davidson
As noted earlier, DA Davidson upgraded B&G Foods to Buy from Neutral. DA Davidson analyst Eric Gottlieb notes that the company reported stronger than expected results, driven by lower expenses and the strong performance of its Green Giant unit. Target to $52 from $47.
08/09/16
DADA
08/09/16
DOWNGRADE
DADA
Neutral
B&G Foods downgraded to Neutral from Buy at DA Davidson
DA Davidson analyst Eric Gottlieb downgraded B&G due to the company's 4.3M share offering. Target remains $52.

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