Seneca Foods Corporation (NasdaqGS:SENE.A) acquired Green Giant U.S. shelf stable vegetable product line of B&G Foods, Inc. for approximately $55.6 million.
November 07, 2023
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Seneca Foods Corporation (NasdaqGS:SENE.A) acquired Green Giant U.S. shelf stable vegetable product line of B&G Foods, Inc. (NYSE:BGS) for approximately $55.6 million on November 8, 2023. The initial purchase price of approximately $55.6 million is payable in cash and was funded from borrowings under the Seneca Foods?s Revolver. The initial purchase price is subject to certain post-closing adjustments which are expected to be finalized prior to Seneca Foods' fiscal year ending on March 31, 2024. The sale does not include Green Giant frozen, Green Giant Canada or the Le Sueur brand. The acquired assets include inventory and an associated license which allowsSeneca Foods to manufacture, market, distribute, and sell Green Giant ® shelf-stable vegetable products within the United States in perpetuity. B&G Foods intends to use the net proceeds from the sale for the repayment of long-term debt.
Seneca Foods Corporation (NasdaqGS:SENE.A) completed the acquisition of Green Giant U.S. shelf stable vegetable product line of B&G Foods, Inc. (NYSE:BGS) on November 8, 2023.
B&G Foods, Inc. manufactures, sells and distributes branded shelf-stable and frozen foods across the United States, Canada and Puerto Rico. The Company complements its branded product retail sales with institutional and foodservice sales and private label sales. Its products include frozen and canned vegetables, crackers, canola and other cooking oils, vegetable shortening, cooking sprays, oatmeal and other hot cereals, fruit spreads, bagel chips, spices, hot sauces, baking soda, corn starch, nut clusters and other specialty products. The Company has more than 50 brands, including B&G, B&M, Bear Creek, Cream of Wheat, Crisco, Dash, Green Giant, Las Palmas, Le Sueur, Mama Maryâs, Maple Grove Farms, New York Style, Ortega, Polaner, Spice Islands and Victoria. The Company sells, markets and distributes its products through a multiple-channel sales, marketing and distribution system to various United States food channels, including sales and shipments to supermarkets and mass merchants.
Seneca Foods Corporation (NasdaqGS: SENE.A) acquired Green Giant U.S. shelf stable vegetable product line of B&G Foods, Inc. for approximately $55.6 million.
B&G FOODS, INC. 
