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B&G Foods to buy owner of Pirate's Booty brand

[June 11, 2013]  PARSIPPANY, N.J. (AP) -- Food maker B&G Foods Inc. is buying Robert's American Gourmet Food, which owns the Pirate's Booty brand, for $195 million in cash.

B&G Foods makes foods under brands such as Cream of Wheat, Mrs. Dash and Grandma's Molasses. CEO David Wenner says the acquisition helps it grow its natural snacks business.

Robert's American brands also include Smart Puffs and Original Tings and is owned by VMG Partners, Driven Capital Management, founder Robert Ehrlich and other owners.

The acquisition will be funded by a recent senior notes offering and revolving credit borrowings. It is expected to immediately benefit net income.

The deal is expected to close in July.

[Associated Press]

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