Boulder, CO—Boulder Brands, Inc. has a new owner: Pinnacle Foods Inc. of Parsippany, NJ.
The deal estimated at approximately $975 million in cash, including approximately $265 million of net debt, is said to help expand Pinnacle's footprint in the natural and organic channel. Pinnacle owns brands like Birds Eye, gardein, Duncan Hines. Hungry Man, Log Cabin and Vlasic pickles.
Boulder Brands manufactures several health-oriented brands like Udi's, Glutino, EVOL, Earth Balance and more. In a press statement, Dean Hollis, chairman of Boulder Brands, stated "In addition to shareholder value, this combination provides significant benefits for all stakeholders. Boulder Brands' purpose has been to 'lead change and improve lives' and today marks an important milestone in that journey…We expect a seamless transition and look forward to accelerating our growth across an impressive collection of health and wellness brands as part of Pinnacle Foods."
This latest development builds on several recent changes from the company. The firm's former CEO Steve Hughes resigned in June of this year and the company restructured its business in July.
Published in WholeFoods Magazine, January 2016, online 11/30/15