B&G Foods, Inc.

Overview

B&G Foods, Inc. is a diversified packaged foods and household products company that manufactures, markets, and distributes a broad portfolio of branded shelf-stable and frozen foods across the United States, Canada, and Puerto Rico. The company operates four reportable segments and manages a large portfolio of well-known brands across multiple categories.

Segments and representative brands

• Specialty: Crisco, Clabber Girl, Bear Creek, Polaner, Underwood, B&G, Grandma’s, New York Style, B&M, Baker’s Joy, Regina, TrueNorth, Static Guard, SugarTwin, Brer Rabbit. (Don Pepino and Sclafani were included in this segment until their divestiture on May 23, 2025.)
• Meals: Ortega, Maple Grove Farms, Cream of Wheat, Las Palmas, Victoria, Mama Mary’s, Spring Tree, McCann’s, Carey’s, Vermont Maid.
• Frozen & Vegetables: Green Giant (Le Sueur U.S. was divested in 2025) and related frozen/vegetable products.
• Spices & Flavor Solutions: Dash, Spice Islands, Weber, Ac’cent, Tone’s, Trappey’s, Durkee, Wright’s.

The company has completed various acquisitions and divestitures in recent years, including the Green Giant U.S. frozen divestiture to Seneca Foods and acquisitions such as College Inn and Kitchen Basics, along with other divestitures like Le Sueur U.S., Don Pepino, and Back to Nature.

Geography and markets

• Primary markets: United States, Canada, Puerto Rico.
• Canada is a source of certain raw materials (for example, maple syrup) and is a key export market.
• Foreign sales represented about 9.1% of total net sales in fiscal 2025, with similar levels in prior years.

Customers

• Walmart accounted for approximately 31.0% of fiscal 2025 net sales.
• The top ten customers together accounted for about 63.6% of fiscal 2025 net sales.
• No other single customer accounted for 10% or more of net sales in fiscal 2025.
• About 39.0% of receivables as of January 3, 2026 were concentrated with Walmart; roughly 68.0% of year-end receivables were from the top ten customers in fiscal 2025.

Workforce and human capital

• Total employees: 2,497 as of January 3, 2026.
  • Manufacturing/operations: ~2,085
  • Warehouse/distribution: ~164
  • Marketing/sales: ~130
  • Administrative: ~118
• Collective bargaining: Approximately 48.3% of employees across six U.S. facilities and one Mexican facility are covered by collective bargaining agreements.

Facilities and production

• Owned/operated manufacturing facilities: 10 (in addition to third-party co-packers).
• Co-packing: A substantial portion of production is outsourced to third-party co-packers in the U.S. and abroad under various arrangements.
• Distribution: Separate networks for shelf-stable and frozen products; the company uses both owned and third-party distribution centers across the U.S., Canada, Mexico, and other locations.

Financial snapshot

• Long-term indebtedness (as of January 3, 2026): $1,968.0 million (before debt discount/premium)
  • Senior secured indebtedness: $1,458.7 million
  • Senior unsecured indebtedness: $509.3 million
• Debt covenants and restrictions may affect dividends, refinancing, and financial flexibility. A substantial portion of cash flow is dedicated to debt service.
• The company is exposed to currency fluctuations, including the Canadian dollar and the Mexican peso, and to tariffs, which can affect costs and competitive position.
• Fiscal year structure:
  • Fiscal 2025 contained 53 weeks; fiscal 2026 contains 52 weeks.
  • Fiscal 2024 and 2023 contained 52 weeks.
  • The fourth quarter of fiscal 2025 contained 14 weeks.

Operating and risk context

• Competition: The packaged food industry is highly competitive, with channel shifts (e-commerce, discounters, private label) affecting pricing and market dynamics.
• Raw materials and costs: Input costs for commodities, packaging, labor, and energy are volatile. The company pursues hedging, price adjustments, and cost-saving measures to manage these pressures.
• Supply chain and co-packing: Dependence on co-packers and supplier networks creates exposure to production or supply disruptions and risk if alternative arrangements are not available.
• Pandemics, weather, and climate: These factors can disrupt supply, affect demand, and create broader macroeconomic impacts.
• Regulation, recalls, and liability: Food safety, labeling, and regulatory compliance pose ongoing risks, including potential recalls or product liability exposure.
• International trade and currency: Tariffs, exchange rates, and foreign political/economic developments affect costs and operations across the U.S.-Canada-Mexico trade environment.