DENVER | Smart Balance Inc. says it has completed its acquisition of the Denver-based gluten-free food company Udi’s Healthy Foods LLC for $125 million cash.
It said Monday that total consideration, including transaction fees and other ordinary related adjustments, was about $126 million. It bought the company from Hubson Acquisition LLC, which is an affiliate of E&A Industries, and minority unit holders including founder Udi Bar-on.
The combined company has about 175 salaried employees, plus a few hundred production employees. Smart Balance granted stock option awards to Udi’s 65 salaried employees, minus Udi’s CEO and E&A Industries executive Devin Anderson, to stay.
Smart Balance CEO Stephen Hughes says he sees the business as having $400 million in revenue, with about $150 million from Udi’s and its gluten-free Glutino brand.