Food Business News - June 16, 2015 - (Page 27)

Hughes out as Boulder Brands c.e.o. James Leighton, currently c.o.o., to fill in on interim basis BOULDER, COLO. - Steve Hughes stepped down as chief executive officer of Boulder Brands, Inc. on June 10. James B. Leighton, the company's chief operating officer, has been elected by the Boulder board of directors to serve as interim c.e.o. Mr. Leighton has been c.o.o. since October 2013 and has been a member of the Boulder Brands board of directors since August 2007. Mr. Hughes, along with Jim Lewis, helped co-found Boulder Brands in 2005 as Boulder Specialty Brands. "On behalf of the board and entire Boulder Brands team, I want to thank Steve for his contributions to the creation, development and growth of the company," said Dean Hollis, chairman of the board. "Steve's passion and vision for Boulder Brands has helped our industry improve the lives of consumers by providing healthier and more transparent food options. Under his leadership, Boulder Brands, which began as a food industry acquisition vehicle, has grown into a leading publicly traded natural consumer packaged food company with a strong portfolio of relevant health and wellness brands." Mr. Hollis said the board believed that "now is the time for new leadership" at the company. "This change, along with the evolving dynamics of our industry, gives us confidence that we are well-positioned to leverage customer and consumer desires for authentic and scalable natural brands to deliver sustainable results and generate meaningful value creation," he said. "We are confident Hughes Leighton that Jim Leighton, a highly respected executive with decades of leadership experience across the industry, including at Perdue Foods, ConAgra, The Hain Celestial Group and Nabisco, will provide the immediate leadership necessary to deliver on our commitments to our key stakeholders. "Jim has significant and diverse operational and business experience, and has been a valuable member of our management team in his role as c.o.o. during the past two years and as a member of our board since 2007. Jim and I will be actively involved in the company's operations and strategy during this interim period and we look forward to working closely with the rest of the management team to meet our commitments." From 2009 to 2013, Mr. Leighton held numerous general management positions, including president of Perdue Foods. From 2006 to 2009, he was president of operations and supply chain and president of Perdue Foods. From 2002 to 2006, he was the senior vice-president of operations of ConAgra Foods, Inc. He also has held senior level management and executive positions with Celestial Seasonings, The Hain Celestial Group and Nabisco. He was founder and c.e.o. of National Health Management Inc. Mr. Hughes agreed with Mr. Hollis that it was time for a leadership transition. "It has been exciting to watch a simple idea turn into a leading natural foods company with the scale and resources to expand our mission of making people's lives healthier all across the country," Mr. Hughes said. "I am proud of what we have created together." In taking over as interim c.e.o., Mr. Leighton said one critical objective is to refocus Boulder's spending priorities toward consumer marketing programs that will more effectively introduce the company's brands to a broader base of consumers and better support the brands as distribution gains continue. Boulder Brands has initiated a national search process to identify a permanent c.e.o. In addition to the leadership change, Boulder Brands provided an outlook for the second quarter ended June 30. The company's second-quarter 2015 outlook reflects a reduction in sales trends. For the second quarter of 2015, the company expects net sales to be in the range of approximately $122 million to $124 million. Total company net sales for the second quarter 2015 are expected to decline approximately 5% to 7% compared with the second quarter of 2014. Adjusted EBITDA for the second quarter of 2015 is expected to be in the range of $12 million to $14 million, Boulder Brands said. FBN Private equity firm buys PopCorners brand NEW YORK - A company funded by the private equity firm Permira has acquired Medora Snacks, L.L.C. and Ideal Snacks Holding Corp. Financial terms of the transaction were not disclosed. Medora manufactures better-for-you snacks, including PopCorners, PopCorners Whole Grain, Pop Crinkles and popped bean chips. Ideal is a leading contract manufacturer of diversified popped snacks. The Permira funds will combine the two businesses under a single holding company called BFY Holdings I, L.L.C. Medora and Ideal use proprietary popping technology to make healthy and differentiated snack products with a June 16, 2015 presence in club and grocery channels. Available in seven flavors, PopCorners is one of the fastest growing brands in the better-for-you snack category with growing distribution in North America and internationally. Zeke Alenick, who founded Medora and Ideal, and other members of management will remain with BFY Holdings and own a minority stake in the company going forward. Medora and Ideal will continue to operate their current facilities in Middletown, N.Y., and Liberty, N.Y., respectively. "With better-for-you snacking trends on the rise globally, BFY Holdings has tremendous potential to capitalize on the clear market opportunities, including expanding brand awareness and distribution of its existing products, and continuing to introduce new and exciting products," said John Coyle, a Permira partner. "The Permira funds have a successful track record of investing in leading consumer companies, including those focused in the areas of healthy living, and we are excited to support BFY Holdings in pursuit of becoming the global leader in the better-for-you snack category." The transaction is expected to close in the third quarter of 2015, pending certain regulatory approvals and customary closing conditions. FBN FOODBUSINESS NEWS ® 27

Table of Contents for the Digital Edition of Food Business News - June 16, 2015

Food Business News - June 16, 2015
Wet weather affecting grain and oilseed markets
WhiteWave to acquire Vega Foods
Dairy Business News - Making salty cheese with less sodium
Table of Contents
Web Contents
Editorial - Expo Milano focuses on food science
The leading natural food trends of 2015
Wal-Mart building an ‘omnichannel’ presence
B&G Foods has big plans for Bear Creek soup brand
With charges, Smucker swings to loss
Smucker seeks growth with healthy innovation
Campbell to acquire fresh salsa maker
Hughes out as Boulder Brands c.e.o.
Private equity firm buys PopCorners brand
Subway commits to ingredient improvements
Washington - Resistance is futile
Health and Wellness - Clean label and the 'trust factor'
Ingredient Innovations - Pace picks up for pea protein power
Pick your plant-based protein
I.F.F. to stress flavors for protein sources
New Food Products
Ingredient Market Trends - House votes to repeal COOL
Ingredient Markets
Supplier Innovations and News
Ad Index
Food Business in the News

Food Business News - June 16, 2015