On August 3, Smart Balance, Inc. announced it purchased Glutino Food Group for $66.3 million cash. With this purchase, Smart Balance picks up arguably the #1 most recognized gluten-free brand in the United States.
PARAMUS, N.J., Aug. 3, 2011 /PRNewswire/ -- Smart Balance, Inc. (NasdaqGM: SMBL) announced it acquired 100% of the equity interest of Importations DE-RO-MA, which owns Glutino Food Group ("Glutino"), for $66.3 million, from Claridge, aMontreal-based investment firm. Based in Laval, Quebec, Glutino is a leading manufacturer and marketer of innovative, premium-priced, gluten-free foods sold under the Glutino and Gluten Free Pantry brands. Glutino offers a wide range of shelf-stable and frozen gluten-free products, including snack foods, frozen baked goods, frozen entrees and baking mixes throughout North America and on its website www.glutenfree.com. Glutino had annual sales of $53.9 million during its fiscal year ended March 31, 2011.
Commenting on the announcement, Chairman and Chief Executive Officer Stephen Hughes stated,