In a strategic move to bolster the company’s health and wellness portfolio, Pinnacle Foods Inc. announced Tuesday it will acquire Bolder Brands, Inc. in a transaction valued at $975 million, including approximately$265 of net debt.
In addition to health and wellness, the transaction also expands Pinnacle’s presence in the natural and organic retail channel and provides Pinnacle with a new growth platform in refrigerated foods.
Headquartered in Boulder, CO, Boulder Brands manufactures a variety of brands that includes Udi’s and Glutino gluten-free products, EVOL natural frozen meal offerings and Smart Balance and Earth Balance refrigerated and shelf-stable spreads. Annual net sales of Boulder Brands totaled over $500 million in 2014.
“The acquisition of Boulder Brands further expands our health and wellness portfolio, currently anchored by the Birds Eye and gardein brands,” says Bob Gamgort, Pinnacle CEO. “In addition to being a synergy-rich, accretive transaction with on-trend brands, the acquisition provides us with an important health and wellness talent pool in Boulder, Colorado. In this regard, we plan to retain Boulder’s existing headquarters location.”
The transaction is subject to customary closing conditions and is expected to be completed in the first quarter of 2016.