US-based B&G Foods has completed the acquisition of New York Style and Old London snack brands from Chipita America for approximately $62.5m in cash.
The acquisition includes a manufacturing facility at Yadkinville, North Carolina, which employs about 250 people.
B&G Foods expects the acquisition to be immediately accretive to earnings per share and free cash flow. It expects the brands to generate EBITDA of approximately $8m to $9m and net sales of approximately $45m to $50m in 2013.
The New York Style brand offers products such as bagel crisps, mini bagel crisps, Pita chips and Panetini Italian toast, which have been developed to reflect the taste of New York City's traditional bakeries.
The Old London brand offers Melba toasts and snacks, bagel chips, as well as speciality snacks under the Devonsheer and JJ Flats names.
B&G Foods manufactures a range of shelf-stable foods across the US, Canada and Puerto Rico, while Chipita America, a subsidiary of Greece-based Chipita, produces bakery and confectionery products.
