PARSIPPANY, N.J. — B&G Foods, Inc., whose products include hot cereals, fruit spreads, canned meats and other specialty products, said it intends to offer 3,629,165 shares of its common stock as part of an initial public offering. In connection with the offering, B&G Foods expects to grant the underwriters an option for a period of 30 days to purchase up to an additional 544,375 shares of common stock.
B&G Foods said it plans to use net proceeds of the offering for general corporate purposes, including helping to pay off the acquisition of the New York Style and Old London brands that were acquired last month from Chipita America, Inc. The proceeds also are expected to be used to fund future acquisitions, as well as the repayment or retirement of a portion of B&G Foods’ long-term debt, the company said.
B&G Foods and its subsidiaries manufacture, sell and distribute a diversified portfolio of shelf-stable foods across the United States, Canada and Puerto Rico. B&G Foods competes in the retail grocery, food service, specialty, private label, club and mass merchandiser channels of distribution. The company’s products are marketed under many brands, including Ac’cent, B&G, B&M, Baker’s Joy, Brer Rabbit, Cream of Rice, Cream of Wheat, Don Pepino, Emeril’s, Grandma’s Molasses, Joan of Arc, Las Palmas, Maple Grove Farms of Vermont, Molly McButter, Mrs. Dash, Ortega, Polaner, Red Devil, Regina, Sa-són, Sclafani, Sugar Twin, Trappey’s, Underwood, Vermont Maid and Wright’s.