Leading natural food brand Smart Balance, Inc. has agreed to acquire gluten-free baked goods leader Udi's Healthy Foods for $125 million cash. The deal comes just 10 months after Smart Balance bought Glutino, another top gluten-free brand.
Smart Balance purchases Udi's from majority shareholder Hubson Acquisition, LLC, an affiliate of E&A Industries, the family of founder Udi Bar-on, and other minority holders. Considering future tax benefits, the effective purchase price is approximately $103 million.
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Based in Denver, CO, Udi's is a leading brand of gluten-free bread and baked goods in the retail market, and in foodservice since mid-2011. Its other products include frozen pizza and granola. In the twelve month period ended March 31, 2012, Udi's sales doubled to $60.9 million.