The Italian pasta maker hopes the acquisition will grow its U.S. bakery market.
“The acquisition of Back to Nature is consistent with Barilla’s long-term strategy to build a strong multibrand bakery platform in the United States,” the group said in a statement.
Back to Nature features a portfolio of plant-based, non-GMO products that compete in the U.S. cookies, crackers, granola and nuts and trail mix categories.
“Our decision to sell Back to Nature is part of a broader effort at B&G Foods to focus our portfolio on businesses that are core to our long-term strategy as we transition to a business unit structure,” Casey Keller, CEO and president of B&G Foods said. “The divestiture will also allow us to reduce long-term debt, while providing Barilla America with a great brand.”
The deal is expected to close in the first quarter of 2023 and B&G Foods intends to use the net proceeds from the sale for the repayment of long-term debt.
The terms of the transaction were not disclosed.