B&G Foods, Inc. (BGS) has sold its Le Sueur brand—known for premium canned peas, green beans, and carrots, to McCall Farms, Inc., as part of its strategy to streamline its portfolio and reduce long-term debt.
CEO Casey Keller said the divestiture supports the company's focus on core brands and financial health, adding that Le Sueur performed well under B&G and is expected to continue thriving with McCall Farms.
Proceeds from the sale will be used for corporate purposes, including debt repayment, asset acquisitions, and transaction-related costs. The deal excludes rights to the Le Sieur brand in Canada. Financial advisors for B&G Foods included Barclays Capital Inc. and Deutsche Bank Securities Inc. Terms of the transaction were not disclosed.
Friday, BGS closed at $4.14, up 0.98%, and is currently trading at $4.16 in after-hours, up 0.48% on the NYSE.
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