M&As this week: Costa Group, B&G Foods, Nagatanien

Australian horticulture company Costa Group has reached an agreement in conjunction with Macquarie Agricultural Funds Management (MAFM) to acquire Avocado Ridge from the Carney family for an undisclosed sum.

The takeover is part of Costa’s vertical integration strategy in its avocado category. MAFM will buy the farms, while Costa will operate them under a 20-year lease.

The key management of the Carney family will be retained to run the business, following the acquisition.

US-based company B&G Foods has bought Victoria Fine Foods Holding and Victoria Fine Foods for $70m in cash.

A premium pasta and speciality sauces, savoury condiments and gourmet spreads manufacturer, the target company was earlier owned by Huron Capital Partners and others.

B&G Foods funded the acquisition through existing cash reserves.

Pre-mixed and instant foods manufacturer Nagatanien has purchased speciality bread maker Chaucer for an undisclosed consideration.

The acquisition is expected to result in operational synergies for both companies, while Chaucer will gain access to international markets and capitalise on growth opportunities.

The target company is based in the UK, whereas the acquirer company is based in Japan.

US-based micro market, vending and refreshment services company Accent Food Services has been acquired by Audax Private Equity for an undisclosed sum.

The target company was acquired from Silver Oak Services Partners.

Lincoln International served as the financial adviser to Accent Food Services on the acquisition.

Canada-based speciality foods distributor Premium Brands Holdings has bought Island City Baking and its affiliate Conte Foods for C$20.3m ($15.2m).

The consideration involves C$13.3m ($9.9m) in cash payment, C$3m ($2.2m) in Premium Brands common shares and a minority equity stake in the acquirer company.