Treehouse Sells Oatmeal Brand McCann’s to B&G FoodsTreehouse Sells Oatmeal Brand McCann’s to B&G Foods
July 17, 2018
Treehouse Foods Inc. recently completed its divestment of the McCann’s Irish Oatmeal brand to food manufacturer and marketer B&G Foods, the Oak Brook, IL-based food company announced in a press release Monday.
“McCann’s Irish Oatmeal is a wonderful brand that has great opportunity to flourish under B&G Foods’ branded food umbrella,” the chief executive officer and president of Treehouse, Steve Oakland, said in a statement. “The divestiture supports our efforts to simplify and streamline our business and concentrate our efforts on private label categories that support our customers’ corporate brand initiatives.”
B&G Foods paid $32 million to acquire the iconic oatmeal brand. Treehouse, which acquired McCann’s in 2010 in its purchase of Strum Foods, said it will use funds from the sale to pay down its debt.
“McCann’s is an excellent complement to our existing portfolio of brands, including our Cream of Wheat hot cereal brand,” B&G Foods Chief Executive Officer and President Robert C. Cantwell said in a release. “This acquisition is another example, along with our acquisitions of Green Giant, Spice Islands, and other spices & seasonings brands, Victoria and Back to Nature, of our efforts in recent years to acquire better-for-you brands that taste great and resonate with today’s consumer.”
B&G Foods is based in Parsippany, NJ and produces and sells frozen and shelf-stable food products in the U.S., Canada, and Puerto Rico.
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