Mergers & Acquisitions Investors Would Love to See: Snyder’s-Lance (LNCE) and B&G Foods (BGS)
Buyer: Snyder’s-Lance Inc (NASDAQ:LNCE)
Seller: B&G Foods, Inc. (NYS:BGS)
Both of these food companies have been busy in the M&A game in recent years; let’s face it, when you’re going up against behemoths like Kraft Heinz, you’ve got to get bigger in order to have any chance of kicking it farther down the grocery store shelves.
At the end of 2015, B&G Foods took it up a notch when it acquired the Green Giant brand from General Mills, Inc. (NYSE:GIS) for $822 million, its largest acquisition ever. It has become a player in the food business.
In April, Snyder’s-Lance named Brian Driscoll interim CEO of the company after its chief executive officer of 12 years, Carl Lee Jr., retired. Driscoll was the CEO of Diamond Foods when Snyder’s-Lance acquired the maker of Kettle Chips for $1.3 billion back in late 2015.
Bring these two companies together, cut loose the poor performers and make the combined business a bigger, more profitable food company.