Parsippany-based B&G Foods Inc. announced Monday its acquisition of Fairfield-based Greek yogurt snack maker Rickland Orchards from Natural Instincts LLC. B&G paid $57.5 million, subject to post-closing adjustments, of which approximately $37.4 million was paid in cash and approximately $20.1 million was paid in shares of common stock of B&G Foods.
According to the announcement, the acquisition of Rickland Orchards, whose products include Greek yogurt coated granola bars and bites, is the fourth acquisition by B&G Foods since October 2012. Jason Cohen, the founder and chief executive officer of Rickland Orchards, is joining B&G Foods as executive vice president of club channel. In this capacity, Mr. Cohen will be responsible for sales of B&G Foods' entire portfolio of brands into the club channel. Michael Sands, Rickland Orchards' chief operating officer, is joining B&G Foods as vice president of product innovation. Houlihan Lokey Capital, Inc. served as the investment banking advisor to Natural Instincts.