Green Giant brand owner B&G Foods is to acquire Back to Nature Foods Company, the US snack maker owned in a venture between private-equity firm Brynwood Partners and Mondelez International.

B&G, the US group that owns snack brands including New York Style and Old London, is paying US$162.5m for Back to Nature, a deal that will give it ownership of SnackWell’s cookies and Back to Nature granola bars.

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Brynwood and Mondelez formed the Back to Nature venture in 2012. The private-equity firm acquired operating control while Mondelez retained a minority stake in the business. A year later, Mondelez sold the SnackWell’s brand to the venture.

New Jersey-based B&G expects the acquisition to close during the third quarter of 2017, subject to customary closing conditions, including the receipt of regulatory approvals.

Bob Cantwell, B&G’s president and CEO, said: “We are very pleased to add Back to Nature to the B&G Foods family of brands. Consistent with our acquisition strategy and our recent Green Giant, spices & seasonings and Victoria acquisitions, we are continuing to diversify our portfolio of brands and invest in brands and products that we believe are most relevant to today’s consumer.” 

B&G expects the acquisition to be immediately accretive to its earnings per share and free cash flow. It forecast that, following the completion of a six-month integration period, the acquired business will generate on an annualised basis net sales of approximately US$80m and adjusted EBITDA of approximately US$17m.

Madison, Wisconsin-based Back to Nature’s product offerings include non-GMO project verified, organic and gluten-free products. 

Last week B&G announced it had brought in former Amira Nature Foods CFO Bruce Wacha as executive vice president of corporate strategy and business development.