Parsippany, N.J.-based B&G Foods (NYSE:BGS) is taking control of Robert's American Gourmet Food, LLC -- the company that does business as "Pirate Brands" and whose signature product is probably the Pirate Booty corn puffs snack.

In a press release issued on Monday, B&G announced that it is buying the "all-natural" snack foods maker from private equity funds VMG Partners and Driven Capital Management, as well as owner-founder Robert Ehrlich "and certain other entities and individuals." B&G will pay approximately $195 million in cash. 

The purchase price works out to somewhere between 2.2 and 2.3 times the $80 million to $90 million in sales that Pirate Brands is expected to haul in this year, suggesting a small discount to B&G's own 2.4-times-sales valuation. Additionally, B&G CEO David L. Wenner noted that he expects "the acquisition to be immediately accretive to our earnings per share and free cash flow." 

Investors seem to like the deal, bidding up B&G shares 6.8% in Monday trading to close at $31.17.

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