US-based B&G Foods has entered a definitive agreement to acquire healthy snack manufacturer Back to Nature Foods for approximately $162.5m in cash.

Formed in 2012, Back to Nature Foods is a joint venture (JV) comprising Brynwood Partners and Mondelez International.

The transaction is expected to be completed by the third quarter of this year, subject to customary closing conditions, including the receipt of regulatory approvals.

"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.”

B&G Foods president and chief executive officer Robert Cantwell said: “Consistent with our acquisition strategy and our recent Green Giant, spices and 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.”

The company anticipates that the acquisition of Back to Nature Foods will generate an annual net sale of around $80m and $17m of EBITDA.

Back to Nature Foods products are claimed to be non-GMO project verified, organic and gluten-free. The company also offers low-fat and no-fat snacks under its SnackWell’s brand.

B&G Foods intends to use its additional revolving loans under its existing credit facility to fund this acquisition, along with related fees and expenses.

Houlihan Lokey served as the investment adviser to Back to Nature and Holland & Knight and Skadden, Arps, Slate, Meagher & Flom provided legal counsel. Dechert provided legal counsel to B&G Foods.