|Lawrence Kurzius, chairman, president and CEO of McCormick|
“We are thrilled to acquire Frank’s RedHot, French’s and other iconic, market-leading brands, as we complete a transaction that has been at the top of our strategic list for over a decade and will generate significant shareholder value,” said Lawrence E. Kurzius, chairman, president and CEO. “McCormick is the perfect home for brands like Frank’s RedHot and French’s as their simple, clean ingredients make them liquid spice. The addition of these highly complementary brands will allow McCormick to continue to take advantage of the growing trend toward spicy, flavorful eating with natural, high-quality ingredients and advances our vision to ‘Bring the Joy of Flavor to Life.’ The talented employees of RB Foods have built a great business, and we look forward to working with them to achieve continued success.”
RB Foods is forecast to generate $581 million in revenue during 2017 with an adjusted EBITDA of $215 million, according to McCormick. The two businesses combined will have approximately $5 billion in sales.