Last updated on May 28th, 2019 at 02:32 pm
B&G Foods Inc. has acquired the Clabber Girl Corp. baking products from Hulman & Co. In addition to Clabber Girl Baking Powder, Clabber Girl’s product offerings include the Rumford, Davis, Hearth Club and Royal brands of retail baking powder, baking soda and corn starch and the Royal brand of foodservice dessert mixes.
B&G Foods, headquartered in Parsippany, New Jersey, expects the acquisition to be immediately accretive to earnings per share, and free cash flow and projects that the acquired business will generate approximately $70 million to $75 million of net sales on an annualized basis. B&G Foods funded the acquisition and related fees and expenses with cash on hand and revolving loans under its existing credit facility.
Kenneth G. Romanzi, president and CEO of B&G Foods, said, “This acquisition is consistent with our longstanding acquisition strategy of targeting well-established brands with defensible market positions and strong cash flow at reasonable purchase price multiples. Clabber Girl Corp. is the No. 1 manufacturer of branded retail baking powder and also holds leadership positions in baking soda and corn starch.”
Clabber Girl has expanded its product offerings to include a range of cooking and baking ingredients, creating a presence in retail, foodservice and industrial markets.
B&G Foods and subsidiaries manufacture, sell and distribute branded shelf-stable and frozen foods across the U.S., Canada and Puerto Rico. B&G Foods has a diverse portfolio of more than 50 brands.
Hulman & Co. is a private, family-owned company founded in 1850 by Francis T. Hulman as a wholesale foods supplier of groceries, tobacco and liquor headquartered in Terre Haute, Indiana. The company became known for its Clabber Girl baking powder which it began producing in 1899.