B&G Foods Acquires Rickland Orchards
B&G Foods has acquired Greek yogurt distributor Rickland Orchards from Natural Instincts. The company paid $57.5 million for Rickland Orchards, and the acquisition marks B&G's fourth acquisition since October 2012.
Rickland Orchards CEO and founder Jason Cohen and Chief Operating Officer Michael Sands will join B&G Foods following the merger. Cohen will assume the role of executive vice president of Club Channel, where he will oversee sales for the entire portfolio of B&G's brands into the club channel. Sands, meanwhile, will act as B&G's vice president of product innovation.
In a statement, Cohen said he believed his and Sands' "experience in the club channel and in developing on trend, innovative products combined with B&G Foods' seasoned management team, sales force and impressive portfolio of brands will result in continued growth for Rickland Orchards and incremental sales for B&G Foods' existing brands."
Since the start of 2013, B&G Foods has seen its price per share rise from $28.31 to $34.91, a 23% increase. The company has also experienced a 30% increase in annual revenue since 2008, bringing in $634 million last year.
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