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Boulder Brands has Agreed to Be Acquired by Pinnacle Foods

Monday, November 30, 2015

Boulder Brands

William Blair acted as the exclusive financial advisor to Boulder Brands, Inc. (NASDAQ: BDBD) in connection with its pending sale to Pinnacle Foods, Inc. (NYSE: PF). This transaction was announced on November 24, 2015, and is expected to be completed in first quarter 2016. It provides shareholders with a cash payment at close of $11.00 per share, representing a 47% premium to the closing price on August 5, the day before the company announced it was exploring strategic alternatives. The sale of Boulder Brands represents William Blair's 18th food and beverage transaction since 2014.

Transaction Highlights

  • Highly strategic transaction: The acquisition of Boulder Brands is highly strategic for Pinnacle Foods as it provides the opportunity to expand its health and wellness offerings. The transaction also expands Pinnacle Food's presence in the natural and organic retail channel and provides a new growth platform in refrigerated foods.
  • Deep relationships and sector expertise: Boulder Brands was attracted to William Blair’s highly relevant transaction experience, deep sector knowledge, and ability to identify and effectively engage with the most likely strategic acquirers worldwide. By drawing on its extensive knowledge of the food and beverage sector, William Blair was able to successfully position the merits of this investment opportunity.
  • Extensive public company board advisory experience: William Blair’s significant public company advisory experience and objective guidance was highly valued by the board of directors and management.
  • Execution excellence: William Blair worked closely with Boulder Brands to explore a full range of strategic alternatives to maximize shareholder value. With the board of directors’ decision to pursue a possible sale of the business, William Blair contacted a broad group of potential strategic acquirers around the globe, coordinated a robust due-diligence process, and successfully led the negotiation of all key aspects of the transaction. This enabled an accelerated process with attractive terms to shareholders.

About the Companies

Boulder Brands, Inc. is committed to offering food solutions that give consumers opportunities to improve their lives, one product at a time. The company's health and wellness platform consists of brands that target specific health trends: the Glutino® and Udi's Gluten Free® brands for gluten-free diets; the Earth Balance® brand for plant-based diets; EVOL foods for consumers seeking simple and pure ingredients; and the Smart Balance® brand for heart healthier diets. Boulder Brands is based in Boulder, Colorado.

Pinnacle Foods is ranked on Fortune Magazine's 2015 Top 1000 companies list. Pinnacle Foods is a leader in the shelf-stable and frozen foods segments, and the company’s brands hold the No. 1 or No. 2 market position in 10 of the 14 major categories in which they compete. Pinnacle Foods’ brands include Birds Eye®, gardein™, Hungry-Man®, and Duncan Hines®. Pinnacle Foods is based in Parsippany, New Jersey.