B&G Foods announced on Monday that it has sold the Le Sueur brand of premium sweet peas, green beans and carrots to McCall Farms, Inc.
The terms of the transaction were not disclosed.
The sale does not include the Le Sieur brand in Canada.
“Our sale of the Le Sueur brand represents continued progress in our ongoing efforts to reshape our portfolio, sharpen focus on our core brands and reduce long-term debt,” said Casey Keller, president and chief executive officer of B&G Foods said. “The Le Sueur brand has performed very well for us over the years, and we believe it will continue to thrive under the ownership of McCall Farms.”
B&G Foods intends to use the proceeds from the sale for general corporate purposes, including the repayment of long-term debt and the purchase of assets useful in B&G Foods’ business, and to pay taxes, fees and expenses related to the sale.
Barclays Capital Inc. and Deutsche Bank Securities Inc. acted as financial advisors to B&G Foods.
