The sale of IMS and Indycar is now complete
Some interesting news this morning – Hulman & Company has sold Clabber Girl Baking Powder to B&G Foods. Clabber Girl has been part of Hulman & Company for more than a century. Mark Miles, Hulman CEO, said the sale was “to fully focus on the continued growth and direction of Indycar, the Indianapolis Motor Speedway, and IMS Productions.”
Here is the news release. I will have some thoughts in my 3 pm update.
TERRE HAUTE, Ind., May 15, 2019 – Hulman & Company announced today the sale of Clabber Girl Corporation to B&G Foods, Inc. (NYSE: BGS), a leading manufacturer, seller and distributor of shelf-stable and frozen foods across North America.
“Our core focus is the pursuit of world-class motorsports competition and entertainment,” Hulman & Company President & CEO Mark Miles said. “This decision positions us to fully focus on the continued direction and growth of INDYCAR, the Indianapolis Motor Speedway and IMS Productions. It also provides Clabber Girl with a well-prepared owner ready to use its vast expertise and considerable resources to accelerate the growth of the newest member of its impressive portfolio.”
“The Hulman-George family takes great pride in the Clabber Girl brand’s success, history and critical role in the development and rich cultural fabric of Terre Haute,” Hulman & Company Chairman of the Board Anton Hulman “Tony” George said. “Clabber Girl will always be a cherished and celebrated part of our legacy, and we’re excited we’ve found a strong steward for its very bright future.”
Like Clabber Girl, B&G Foods has spent more than a century in the food business. The company maintains more than 50 brands and 2,500 employees across North America. This includes Ortega, Green Giant, Cream of Wheat, Mrs. Dash, Back to Nature and many others.
“We are excited to join the B&G Foods family as we add our iconic Clabber Girl brand to its impressive portfolio of brands consumers both recognize and trust,” Clabber Girl President and COO Gary Morris said. “Clabber Girl will benefit from the knowledge and reach B&G Foods will provide as a seasoned food manufacturer and distributor. Together, we will continue to grow this historic business.”
Guggenheim Securities, LLC acted as Hulman & Company’s financial advisor for this transaction.
Source: Hulman & Company PR