Parsippany, New Jersey, USA-based Pinnacle Foods on January 15 announced completion of a tender offer to purchase all outstanding stock of Boulder Brands at $11 per share. The transaction for 59,366,943 shares represented approximately 90.9% of Boulder’s outstanding shares of common stock. Holders of stock not purchased have the right to receive the same amount paid in the tender offer.
The acquired company, now a wholly owned subsidiary of Pinnacle Foods, is headquartered in Boulder, Colorado. It manufactures a number of health and wellness brands, including Udi’s and Glutino gluten-free products, EVOL natural frozen meal offerings, and Smart Balance and Earth Balance refrigerated and shelf-stable dairy-free spreads. Its portfolio is sold in conventional grocery stores as well as through natural and organic food channels in the United States, with a consumer base that skews younger than that of Pinnacle’s current product line average. Annual net sales of Boulder Brands totaled over $500 million in 2014.
Pinnacle, which rang up consolidated net sales of $2.59 billion last year, markets a wide range of retail food products. Its line of frozen brands includes Birds Eye vegetables and vegetable-based side dishes, Van de Kamp’s and Mrs. Paul’s prepared seafood, Hungry-Man dinners and entrees, Aunt Jemima breakfasts, Lender’s bagels, Celeste pizza, and gardein plant-based protein dishes.
