PARSIPPANY, N.J. — B&G Foods, Inc. announced it has acquired the Clabber Girl Corp. from Hulman & Co. Financial terms of the transaction were not disclosed.
Headquartered in Terre Haute, Ind., Clabber Girl makes baking powder, baking soda and corn starch, primarily under the Clabber Girl brand. The company also offers products under the Rumford, Davis, Hearth Club and Royal brands.
Clabber Girl began as a wholesale grocery company back in the 1850s. By 1899, the Clabber brand of baking powder had been introduced, and in 1923 the brand was renamed Clabber Girl. Today, the company distributes its products in retail, wholesale and industrial packaging under many different brand names. The company also has expanded into food service, offering baking powder, baking soda, corn starch, cheesecake, gelatin, pie fillings and puddings.
“We are pleased to announce the addition of Clabber Girl to our portfolio of brands,” said Kenneth G. Romanzi, president and chief executive officer of B&G Foods. “This acquisition is consistent with our longstanding acquisition strategy of targeting well-established brands with defensible market positions and strong cash flow at reasonable purchase price multiples. Clabber Girl Corp. is the No. 1 manufacturer of branded retail baking powder and also holds leadership positions in baking soda and corn starch.”
B&G Foods said it expects the acquisition to be immediately accretive to earnings per share and free cash flow. The company said the acquired business will generate approximately $70 million to $75 million in annual net sales.