B&G Foods is seeking to sell its Back to Nature snack brand, which it says is “no longer core to the company’s overall business or long-term strategy”.

As a result, the company recorded impairment charges of $103.6 million in the third quarter.

In 2017, B&G Foods purchased Back to Nature Foods Company, then a joint venture between Brynwood Partners VI and Mondelēz International, in a deal worth $162.5 million.

Speaking during a Q3 conference call, CFO Bruce Wacha said: “This is a brand that made sense for B&G Foods to acquire when we were attempting to build our snacking portfolio”.

He continued: “However, given our current focus, we now believe that there are better owners for Back to Nature than B&G Foods. As a result, we are actively looking to sell the brand and have therefore reclassified the assets of the Back to Nature business as assets held for sale on our balance sheet.”

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