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Tuesday, February 7, 2023

B&G (NYSE: BGS) Ink Agreement to Divest Back to Nature Brand

B&G Foods, Inc. (NYSE: BGS) officially disclosed that it has decided to divest its Back to Nature brand. The buyer of the ‘Back to Nature brand is Barilla America. This sale enables B&G to lessen long-term debt while offering Barilla America a reputable brand. The aim of the company behind this divestiture is that B&G Foods will focus on businesses that are important to its long-term strategy as it is making changes to become a business unit structure.

B&G Foods anticipates the sale to finalize in the first quarter of 2023 under the assumption that all usual closing conditions are met. The net revenues from the transaction will be used by B&G Foods to pay down long-term debt. The transaction’s terms weren’t made public.

B&G Foods, based in Parsippany, New Jersey, and its affiliates have built a solid name for themselves as producers, retailers, and distributors of premium branded frozen and shelf-stable foods throughout the United States, Canada, and Puerto Rico. With the broad range of more than 50 brands from B&G Foods, including Back to Nature.

On the other hand, the Barilla brothers, Guido, Luca, and Paolo are the owners of Barilla, a family-run company that is not traded on the stock exchange. Their great-grandfather Pietro Barilla, who started a bakery in Parma in 1877, is credited with founding it. As a result of the superior quality of its food offerings, Barilla is now well-known in Italy and throughout the world. The Barilla Group is regarded as a representation of Italian know-how and is a global leader in the markets for pasta and ready-to-use sauces in continental Europe, bakery goods in Italy, and crispbread in Scandinavia.

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