B&G Foods, Inc. announced the sale of two of its historic food lines—the B&M brand of baked beans and brown bread, and the Joan of Arc brand of kidney, chili, and other canned beans—to McCall Farms, Inc.
According to company leadership, the divestiture is part of a broader corporate strategy. “The sale of the B&M and Joan of Arc brands is another step in our efforts to simplify our portfolio, focus on our core brands and strengthen our balance sheet,” Robert Mills, president and chief executive officer of Parsippany-based B&G Foods, said. “We remain focused on taking actions that support profitable growth and reduce leverage. We believe McCall Farms is the right owner for these brands going forward.”
B&G Foods stated that it plans to direct the net proceeds from the transaction toward the repayment of its long-term debt. Financial terms of the agreement were not disclosed by either party.
