INDIANAPOLIS – In some shocking non racing related news to come out of 16th and Georgetown on Wednesday, the Indianapolis Motor Speedway announced that the Hulman & Company has sold Clabber Girl Corporation to B&G Foods, Inc. (NYSE: BGS). B&G Foods is a leading manufacturer, seller and distributor of shelf-stable and frozen foods across North America. 

They’re a company based in Parsippany, New Jersey, B&G Foods and its subsidiaries manufacture, sell and distribute high-quality, branded shelf-stable and frozen foods across the United States, Canada and Puerto Rico.

You may be wondering, that’s all nice, but who is B&G foods? Soem of their products are Back to Nature, B&G, B&M, Cream of Wheat, Green Giant, Las Palmas, Le Sueur, Mama Mary’s, Maple Grove Farms, Mrs. Dash, New York Style, Ortega, Polaner, SnackWell’s, Spice Islands and Victoria. 

But, what makes this big is, Hulman & Company has owned Clabber Girl for years, centuries even. See, the Hulman family has owned Clabber Girl since the late 1800’s. They owned the company before they bought into the Indianapolis Motor Speedway.

So, why sell now? Well, Mark Miles has growth for INDYCAR and IMS in mind and Clabber Girl takes some of the focus away from that.

“Our core focus is the pursuit of world-class motorsports competition and entertainment,” Hulman & Company President & CEO Mark Miles said. “This decision positions us to fully focus on the continued direction and growth of INDYCAR, the Indianapolis Motor Speedway and IMS Productions. It also provides Clabber Girl with a well-prepared owner ready to use its vast expertise and considerable resources to accelerate the growth of the newest member of its impressive portfolio.”

Tony George, Hulman & Company Chairman of the Board, is behind Miles’ vision and is proud of where his family has taken Clabber Girl and excited for the future of the company being in new hands.

“The Hulman-George family takes great pride in the Clabber Girl brand’s success, history and critical role in the development and rich cultural fabric of Terre Haute,” Hulman & Company Chairman of the Board Anton Hulman “Tony” George said. “Clabber Girl will always be a cherished and celebrated part of our legacy, and we’re excited we’ve found a strong steward for its very bright future.”

Like Clabber Girl, B&G Foods has spent more than a century in the food business. The company maintains more than 50 brands and 2,500 employees across North America. This includes Ortega, Green Giant, Cream of Wheat, Mrs. Dash, Back to Nature and many others. 

“We are excited to join the B&G Foods family as we add our iconic Clabber Girl brand to its impressive portfolio of brands consumers both recognize and trust,” Clabber Girl President and COO Gary Morris said. “Clabber Girl will benefit from the knowledge and reach B&G Foods will provide as a seasoned food manufacturer and distributor. Together, we will continue to grow this historic business.” 

Guggenheim Securities, LLC acted as Hulman & Company’s financial advisor for this transaction.