B&G Foods to sell Back to Nature brand to Barilla America, terms not disclosed

B&G Foods announced that it has entered into an agreement to sell the Back to Nature brand to Barilla America. "Our decision to sell Back to Nature is part of a broader effort at B&G Foods to focus our portfolio on businesses that are core to our long-term strategy as we transition to a business unit structure," said Casey Keller, President and CEO of B&G Foods. "The divestiture will also allow us to reduce long-term debt, while providing Barilla America with a great brand." B&G Foods expects the sale to close in the first quarter of 2023, subject to the satisfaction of customary closing conditions. B&G Foods intends to use the net proceeds from the sale for the repayment of long-term debt. The terms of the transaction were not disclosed.