Amplify Snack Brands Pops After Peer Back To Nature Acquired

Shares of better-for-you snack maker Amplify Snack Brands (BETR) are moving up after food conglomerate B&G Foods (BGS) agreed to buy healthy food maker, Back to Nature, from a joint venture between Mondelez International (MDLZ) and private-equity firm Brynwood PartnersSnack for $162.5M. Back to Nature Foods also offers the SnackWell's brand of low-fat and no-fat snacks. "We are very pleased to add Back to Nature to the B&G Foods family of brands. Consistent with our acquisition strategy and our recent Green Giant, spices & seasonings and Victoria acquisitions, we are continuing to diversify our portfolio of brands and invest in brands and products that we believe are most relevant to today's consumer," stated Robert Cantwell, President and Chief Executive Officer of B&G Foods.

AMPLIFY: SkinnyPop maker Amplify came public two years ago to an inauspicious start, closing well under its high that day. Amplify hit a historic high in 2016, trading up to $17.53 per share on September 2 of that year, when it announced the completion of its acquisition of Tyrells. England-based Tyrrell added a premium brand better- for-you chip maker to its brands. Since then, due to a series of earnings disappointments and missteps, the company has traded to a low of $6.40 per share this past Friday, August 18, after noting European headwinds and softness in U.S. food in its most recent quarterly report. The company also revised its 2017 financial expectations to levels significantly short of expectations.

PRICE ACTION: Shares of Amplify are up almost 2%, outpacing a flat broader market in afternoon trading.
 

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.