McCormick buys Canadian honey company for $75M
McCormick buys Canadian honey company for $75M
McCormick buys Canadian honey company for $75M
McCormick & Co. Inc., the Sparks spice company, said Wednesday it has acquired the shares of Billy Bee Honey Products Ltd. for $75 million in cash.
Billy Bee Honey, considered
Brooks said the acquisition gives McCormick a strong complement to the savory products it already sells in
"This is a leading brand of honey in
McCormick officials, in announcing the deal, said they expect the purchase to help earnings and the company's goal of 8 percent to 10 percent earnings per share growth. The deal was announced after the market closed Wednesday, so Wall Street didn't have a chance to react.
Alan D. Wilson, McCormick's CEO, said in a statement that Billy Bee Honey fit into the company's acquisition strategy. In November, the company announced it was buying the Lawry brand of sauces, marinades and spices.
The $75 million spent buying Billy Bee Honey is about eight times McCormick's EBITDA (earnings before interest, tax, depreciation and amortization) and will be financed through cash from operations and short-term lines of credit
Boutique executive search services with best in class global network, contacts and market mastery.
Deeply connected and engaged personal service approach, long-term investment in client community and 25 year history of strong relations with both Multi-National leaders and Private Equity partners.