Pinnacle Foods to acquire Boulder Brands for $975 million
25 November 2015 • Author(s): Victoria White
The acquisition expands Pinnacle’s presence in growing and complementary health and wellness categories as well as its presence in the natural and organic retail channel. It also provides Pinnacle with a new growth platform in refrigerated foods.
Boulder Brands, headquartered in Boulder, Colorado, manufactures a portfolio of health and wellness brands, including Udi’s and Glutino gluten-free products, EVOL natural frozen meal offerings, and Smart Balance and Earth Balance refrigerated and shelf-stable spreads businesses.
Pinnacle Foods is a leader in the shelf-stable and frozen foods segments in the US with its brands holding the #1 or #2 market position in 10 of the 14 major categories in which they compete.
Boulder Brands acquisition expands Pinnacle’s health and wellness portfolio
Commenting on the announcement, Pinnacle Foods Chief Executive Officer Bob Gamgort stated, “The acquisition of Boulder Brands further expands our health and wellness portfolio, currently anchored by the Birds Eye and gardein brands. 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.”
Dean Hollis, Chairman of Boulder Brands, said, “After a thorough review of strategic alternatives to enhance shareholder value, we are pleased to provide our shareholders with immediate and substantial cash value. In addition to shareholder value, this combination provides significant benefits for all stakeholders. Boulder Brands’ purpose has been to ‘lead change and improve lives’ and today marks an important milestone in that journey. Together with Pinnacle Foods, Boulder Brands will have additional and stronger resources to drive our brands and deliver value to customers and consumers, while providing new opportunities for employees. We expect a seamless transition and look forward to accelerating our growth across an impressive collection of health and wellness brands as part of Pinnacle Foods.”
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