AI Analysis | Feedback

A Procter & Gamble for pantry staples and classic food brands.

Like a Unilever that focuses on acquiring and managing established food brands.

AI Analysis | Feedback

• Green Giant: Offers a variety of canned and frozen vegetables, including innovative veggie tots and riced cauliflower.
• Ortega: Provides a range of Mexican food products such as taco shells, seasonings, and sauces.
• Dash: Specializes in a popular line of salt-free seasoning blends.
• Cream of Wheat: Produces a well-known brand of hot, wholesome breakfast cereal.
• Victoria: Features premium marinara, Alfredo, and other authentic pasta sauces.
• Maple Grove Farms of Vermont: Sells natural maple syrup, pancake mixes, and salad dressings.
• Polaner: Offers various fruit spreads, preserves, and jellies.

AI Analysis | Feedback

Major Customers of B&G Foods (BGS)

B&G Foods (BGS) primarily sells its products to other companies, specifically major retailers and distributors, rather than directly to individuals. Its products are sold through supermarkets, mass merchandisers, club stores, and foodservice distributors.

Based on their latest available financial filings, the major customer companies of B&G Foods are:

• Walmart Inc. (Symbol: WMT) - accounted for approximately 25% of net sales.
• Ahold Delhaize (Symbol: AD.AS) - accounted for approximately 11% of net sales.
• The Kroger Co. (Symbol: KR) - accounted for approximately 7% of net sales.
• Target Corporation (Symbol: TGT) - accounted for approximately 5% of net sales.
• Costco Wholesale Corporation (Symbol: COST) - accounted for approximately 4% of net sales.

AI Analysis | Feedback

null

AI Analysis | Feedback

Kenneth C. Keller President, Chief Executive Officer and Director
Mr. Keller has served as President and Chief Executive Officer and a director since June 2021. Prior to joining B&G Foods, he served as president and CEO of JDE Peet's NV, a global coffee and tea company, from January 2020 to September 2020. During his time at JDE Peet's NV, he led the merger of Jacobs Douwe Egberts (JDE) and Peet's Coffee, Inc. and guided the successful initial public offering (IPO) of the combined company in May 2020. He was also president and CEO of Peet's Coffee from August 2018 to December 2019. Earlier in his career, Mr. Keller served as global president of the Wm. Wrigley Jr. Company, a subsidiary of Mars, Inc., and was president of Alberto Culver USA until its acquisition by Unilever in 2011. He also held leadership roles at H.J. Heinz Company, including CEO of Heinz Italy, and began his career at Procter & Gamble.

Bruce C. Wacha Executive Vice President of Finance and Chief Financial Officer
Mr. Wacha has served as Executive Vice President of Finance and Chief Financial Officer since November 2017, having initially joined B&G Foods in August 2017 as Executive Vice President of Corporate Strategy and Business Development. Before his tenure at B&G Foods, Mr. Wacha was the chief financial officer and executive director of the board of directors at Amira Nature Foods Ltd. from June 2014 to August 2017. He also has more than 15 years of experience in the financial services industry, having worked at Deutsche Bank Securities, Merrill Lynch, and Prudential Securities, where he focused on advising corporate clients in the food, beverage, and consumer products sectors.

Jordan E. Greenberg Executive Vice President and President of Spices & Flavor Solutions
Mr. Greenberg assumed the role of Executive Vice President and President of Spices & Flavor Solutions in August 2022. He joined B&G Foods in 2000 (or 1999) and has held various managerial positions of increasing responsibility, including Executive Vice President and Chief Commercial Officer and Vice President and General Manager – Green Giant. Prior to joining B&G Foods, Mr. Greenberg worked in the marketing departments of Land O'Lakes and Alpine Lace.

Scott E. Lerner Executive Vice President, General Counsel, Secretary and Chief Compliance Officer
Mr. Lerner has been the Executive Vice President, General Counsel, Secretary, and Chief Compliance Officer of B&G Foods. He was appointed General Counsel and Secretary in July 2005, became Executive Vice President in 2006, and Chief Compliance Officer in 2009. Earlier in his career, he served as an Associate in the corporate and securities, and mergers and acquisitions practice groups at Dechert, an international law firm.

Ellen M. Schum Executive Vice President & President of Specialty
Ms. Schum transitioned to her current role as Executive Vice President & President of Specialty in June 2022. She joined B&G Foods in 2018, holding positions such as Executive Vice President and Chief Customer Officer, and Vice President of U.S. Retail Sales. Before joining B&G Foods, Ms. Schum served as Executive Vice President of Sales and Marketing and then Chief Operating Officer of Schuman Cheese. She began her career in finance at Nabisco, where she spent 24 years in leadership roles at Nabisco and Kraft Foods, first in finance and then in sales, most recently as Area Vice President – East.

AI Analysis | Feedback

1. High Leverage and Debt Load: B&G Foods carries a significant debt burden, identified as the most immediate and pressing financial risk. As of the third quarter of 2025, the company's consolidated leverage ratio was high at 6.88 times Adjusted EBITDA, with total debt approximately $2.073 billion as of September 2025. This high debt leads to substantial interest expenses and increases the company's vulnerability, particularly in a rising interest rate environment.
2. Volume Decline and Challenging Consumer Environment: The company is experiencing a contraction in net sales, primarily due to reduced product volumes. In the third quarter of 2025, net sales decreased by 4.7% compared to the prior year. This decline is attributed to a slow recovery in the packaged food industry, a shift in consumer preferences towards healthier options and away from traditional packaged foods, and increased consumer price sensitivity.
3. Input Cost Inflation and Tariffs: B&G Foods is challenged by ongoing input cost inflation, particularly for key raw materials such as garlic and black pepper. Tariffs have also negatively impacted the company's Adjusted EBITDA. While B&G Foods attempts to mitigate these costs through price increases, it cannot always fully offset them due to consumer price sensitivity.

AI Analysis | Feedback

A clear emerging threat for B&G Foods is the **accelerating global shift in consumer preferences away from traditional processed and shelf-stable foods towards fresh, minimally processed, organic, plant-based, and clean-label products.** This fundamental change in dietary habits and purchasing criteria directly challenges the core market position and perceived value of many legacy brands within B&G Foods' portfolio, which often consists of conventional, shelf-stable items. As consumers increasingly prioritize health, wellness, transparency in ingredients, and sustainable sourcing, brands that are perceived as less natural, highly processed, or containing artificial additives face declining relevance and market share. This paradigm shift in food consumption patterns represents a systemic threat to companies heavily reliant on acquiring and maintaining traditional brands in these categories, as it undermines the long-term demand for a significant portion of their product offerings.

AI Analysis | Feedback

The addressable markets for B&G Foods' main products are as follows:

• Frozen Food: The U.S. frozen food market size was valued at approximately USD 84.63 billion in 2024.
• Canned Food: The North America canned food market was valued at USD 31.58 billion in 2024.
• Spices & Seasonings: The North America spices and seasonings market was valued at USD 5.56 billion in 2024.
• Snack Food: The U.S. snacks market size was estimated at USD 350.59 billion in 2024.

AI Analysis | Feedback

1. Portfolio Reshaping and Focus on Core Brands: B&G Foods is actively divesting non-core and lower-margin brands, such as Don Pepino, Sclafani, LeSueur U.S., and Green Giant Canada, to concentrate its resources on higher-margin, more strategic core businesses. This strategic streamlining aims to improve overall margins and cash flow, enabling reinvestment in brands with stronger growth potential. CEO Casey Keller stated that fiscal year 2026 is anticipated to be "a transformational year with a more focused, higher margin, and stable portfolio."
2. Targeted Innovation and Brand Renovation: The company is prioritizing growth through specific brand innovation and renovation. For example, Green Giant is positioned as a key growth engine with refreshed frozen platforms, including riced veggies, cauliflower formats, and restaurant-style sides, that are rolling out through 2024–2025. Ortega is expanding into higher-velocity tortillas, taco kits, and hot sauces. Additionally, Dash and Spice Islands are focusing on no-salt blends, gourmet grinders, and larger value packs for club and e-commerce channels.
3. Expansion into New Channels and Markets: B&G Foods is targeting revenue growth through expansion in specific sales channels and international markets. This includes increasing placements for pantry brands in club and dollar/value channels, as well as broadening assortments on digital shelves and e-commerce platforms like Amazon. Internationally, growth efforts are concentrated in Canada with bilingual packaging and localized flavors, and in Puerto Rico and the Caribbean for shelf-stable sauces, baking aids, and canned vegetables. The company is also expanding foodservice formats for brands like Cream of Wheat and Ortega.
4. Strategic Pricing and Promotional Optimization: B&G Foods is implementing targeted pricing strategies to offset cost increases, particularly within its Spices & Flavor Solutions business. While promotional trade spend has increased, the company aims to balance this with profitability, suggesting an ongoing effort to optimize pricing and promotional activities to drive net sales while managing margins. Effective pricing and an improved product mix have already contributed to adjusted EBITDA growth in the Meals segment.

AI Analysis | Feedback

Share Repurchases

• B&G Foods' Board of Directors authorized an extension of the Company's stock repurchase program through March 15, 2022, allowing for the purchase of up to $50 million of common stock.

Share Issuance

• The number of outstanding shares for B&G Foods was 78,623,743 as of February 22, 2024.
• As of the end of 2025, the company had 79,858,000 shares outstanding.
• Shares outstanding were 79.9 million as of June 30, 2025, increasing from 79.2 million as of December 31, 2024.

Outbound Investments

• In 2020, B&G Foods acquired the Crisco brand for $550 million, which generated $270 million in annual net sales by 2021.
• Effective May 5, 2022, the company acquired the frozen vegetable manufacturing operations of Growers Express, including inventory, equipment, and facility leases, aimed at reducing supply chain risk and costs for certain Green Giant frozen products.
• In 2025, B&G Foods sold its Don Pepino and Sclafani brands to Amphora Equity Partners to optimize its portfolio and reduce debt. They also reached an agreement in late October 2025 to sell Green Giant Canada.

Capital Expenditures

• B&G Foods' capital expenditures averaged $29.198 million for the fiscal years ending January 2021 to 2024.
• Capital expenditures were $26.748 million in fiscal 2021, $22.286 million in fiscal 2022, $25.689 million in fiscal 2023, and $27.685 million in fiscal 2024.
• The company provided guidance for fiscal year 2025 capital expenditures to be between $30 million and $35 million.