B&G Foods Inc. (NYSE: BGS) has acquired granola bar maker Rickland Orchards LLC from Natural Instincts LLC for $57.5 million.
The Parsippany, N.J.-based buyer paid roughly $37.4 million in cash and about $20.1 million in shares of B&G Foods common stock.
Since it was launched in 2012, Rickland Orchards has generated annualized net sales exceeding $50 million. Jason Cohen, the founder and chief executive of Rickland Orchards, is slated to join B&G Foods as executive vice president where he will be responsible for sales of the B&G Foods portfolio of products into the club channel.
Rickland Orchards is known for distributing Greek yogurt coated granola bars and other snacks. It is the fourth acquisition by B&G Foods since October 2012 and comes amid an increasing focus on better-for-you foods. (See “Snack Time”)
Rickland Greek Yogurt Bars are said to be rich in protein and probiotics, as well as contain natural ingredients.
B&G last purchased Sea Cliff, N.Y.-based portfolio company Robert's American Gourmet Food LLC—maker of Pirate’s Booty—for $195 million in July and, before that, TrueNorth brand candy for an undisclosed price from Stamford, Conn.-based DeMet’s Candy Co. in May.
Investment banker Jay Novak of Houlihan Lokey Capital Inc., who advised the sale process for DeMet, also ran the auction for Phoenix, Ariz.-based Natural Instincts.