B&G Foods Inc. (NYSE: BG) has closed a $155 million deal for packaged foods company Specialty Brands of America Inc.
The target owns the Bear Creek Country Kitchens, Spring Tree, Cary's, MacDonald's New York Flatbreads and Canelo brands. The company was sold by private equity firm American Capital Ltd. (Nasdaq: ACAS).
B&G Foods has picked up several brands in the past year, including Rickland Orchards LLC for $57.5 million in October, Robert's American Gourmet Food LLC (maker of Pirate's Booty) in June, and TrueNorth brand candy in May. Marilyn French, Ramona Nee, Matt Cohn, Corey Brown and Pamela Usukumah of Weil Gotshal & Manges LLP provided legal advice to American Capital.
For more on M&A in the food sector, see "Snack Time."