The company declined to disclose financial terms of the transaction. For B&G, the move serves a dual purpose: simplifying a sprawling lineup that includes staples like Crisco and Ortega while generating immediate cash to pay down outstanding obligations. This latest sale follows a recent pattern for the firm, which offloaded the Le Sueur vegetable brand to the same buyer last year.
In section Market Quotes
B&G Foods Sheds Bean Brands in Debt Reduction Push
B&G Foods has offloaded its B&M baked beans and Joan of Arc bean labels to South Carolina-based McCall Farms. The divestiture marks another step in the manufacturer’s aggressive attempt to slim down its expansive portfolio of over 45 brands to stabilize a balance sheet burdened by long-term debt.
Despite these efforts, the company faces significant headwinds. S&P Global Ratings recently acknowledged management’s commitment to deleveraging but warned that B&G must navigate substantial debt maturities in the coming years. Those financial pressures are compounded by a broader slump in demand for packaged food products. The company’s recent history has been marked by inconsistent divestment results, including the successful sale of its Green Giant U.S. frozen line to Seneca Foods and the abrupt termination of a deal to sell its Canadian Green Giant business to Nortera Foods.
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