Boulder Brands Buys Majority Ownership Of Level Life Foods

(RTTNews) - Boulder Brands, Inc. (BDBD) said Wednesday that it has acquired 80% of GlucoBrands, LLC, owner of Level Life Foods.

Based in Colorado, Level is an up-and-coming company, approaching $1 million in sales, which provides great tasting products to help in the daily management of diabetes. Level's first products, Level Life Glucose Gels, were launched in September of 2012 for use mainly by EMTs and type 1 diabetics to help correct low blood sugar level events.

With the acquisition, Boulder Brands will launch Level's next and primary line of products - bars and shakes - designed to help control carbohydrates, support healthy blood sugar levels and help satisfy hunger for those managing carbohydrate and sugar intake, including consumers who may be pre-diabetic or who already have type 2 diabetes.

Separately, Boulder Brands said that it has signed an exclusive license agreement with Byrne Dairy, of Lafayette, New York, its current co-packer for Smart Balance Milk.

Under the terms of the agreement, Byrne will exclusively distribute and market Smart Balance Milk; Boulder Brands will receive royalty payments.

Boulder Brands also said that it has closed on a new senior secured credit facility. The new $330 million secured credit facility consists of a $250 million 7-year term loan and an $80 million 5-year revolving credit facility.

The proceeds will be used to refinance the company's existing $280 million senior secured credit facility, of which $242.2 million was outstanding immediately prior to the refinancing, and for general corporate purposes.