B&G Foods Holdings Corp. (NYSE: BGS) agreed Thursday to purchase frozen and canned vegetable brands Green Giant and Le Sueur from General Mills Inc. (NYSE: GIS) for $765 million in cash.
B&G posted sales of $848 million in fiscal 2014. The Green Giant and Le Sueur brands included in the deal generated roughly $585 million in sales during General Mills’ fiscal 2015 – roughly 3 percent of the company’s $18.7 billion revenues.
The deal is an entry point for Parsippany, N.J.-based B&G Foods into the frozen foods market. The company also owns brands for Cream of Wheat, Mrs. Dash, Ortega and Pirate’s Booty.
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