PARSIPPANY, NJ -- B&G Foods Inc. has agreed to acquire Pirate Brands for $195 million in cash. The Sea Cliff, NY, company's flagship Pirate's Booty rice and corn puffed snack is merchandised in many vending machines from coast to coast as a healthy alternative.
Pirate Brands is owned by equity investors VMG Partners and Driven Capital Management and Robert Ehrlich, who founded the company in 2005. Its line of baked, all-natural and gluten-free snack brands include Pirate's Booty, Smart Puffs and Original Tings.
Best known in supermarket grocery aisles, B&G's brands include Ortega taco ingredients, Cream of Wheat, B&M baked beans and its namesake pickles. It began crossing into the snack aisle last year, when it acquired New York Style bagel crisps, Old London crackers and TrueNorth nut clusters.
B&G Foods projects Pirate Brands will generate net sales of $80 million to $90 million after the business is fully integrated into the company. It expects the acquisition to close in July.