Only one day after Pirate Brands LLC, the Long Island-based makers of the popular Pirate’s Booty snacks, was acquired by B&G Foods, the company announced that it will be laying off all 55 of its workers at its Sea Cliff headquarters.
The private company was purchased by B&G Foods, a publicly traded food company based in New Jersey, on Monday for $185 million in cash. On Tuesday, Pirate Brands had contacted the Labor Department to announce the layoff of all employees in Sea Cliff.
"We are delighted to add Pirate Brands, including the iconic Pirate's Booty, to the B&G Foods family of brands. The acquisition of this business and its collection of growing natural snack foods, marks the second addition to our snack foods portfolio since we entered the category last October," said David L. Wenner, President and Chief Executive Officer of B&G Foods, in a press release yesterday.
Last month, Wenner discussed the lucrative deal with The Wall Street Journal, and noted that Pirate’s Booty has been growing at double-digit rates in recent years.
Wenner also commented that the owners of the all-natural snack company “have done an outstanding job with Pirate Brands over the past five years, building upon the fun, innovative, all-natural brand originated by Robert Ehrlich in 1987.”
The purchase of Pirate Brands includes all of its snack offerings, including Pirate’s Booty, Smart Puffs, and Original Tings.
The layoffs are expected to be completed by October.
B&G Foods have acquired many popular snack brands recently, including Old London, New York Style bagel crisps, Ac’cent Seasonings, B&M baked beans, and Cream of Wheat. As of the end of Wednesday’s trading, B&G had an estimated value of $1.8 billion.