Archive for August 9th, 2011

 


John Libonati Gluten Free Works

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.

Smart Balance Gluten FreePARAMUS, 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,

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