B&G Foods Inc. has completed the acquisition of the Green Giant and Le Sueur brands, leaders in frozen and canned vegetables, from General Mills Inc. for $765 million in cash plus an inventory adjustment at closing of approximately $58 million.

B&G Foods projects that the Green Giant and Le Sueur brands will generate annual net sales of approximately $550 million, adjusted EBITDA of approximately $95 million to $100 million, and earnings per share of approximately $0.60. Because the acquisition was structured as an asset purchase, B&G Foods expects to realize approximately $137 million in tax benefits on a net present value basis.

B&G Foods funded the purchase price, the inventory adjustment at closing, initial working capital requirements, and related fees and expenses with additional revolving loans and $750 million of new incremental term loans under its existing credit facility.

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