So what do we look for when we look for acquisitions? If you followed B&G for any number of years, you're going to recognize this slide, because our acquisition strategy having been very successful really hasn’t changed a lot. We are a shelf stable branded food company, so that's the kind of properties we're looking for. And we isolate pretty much the brands because we have found that although that's an attractive proposition in private label, that proposition typically comes with lower margins and higher working capital needs and that's not what B&G Foods is. We're looking for shelf stable products and shelf stale products with defensible, niche positions in a lot of cases so that we're not competing in commodity categories and we can enjoy the margins we enjoy. And a lot of our margins are simply a function of the categories we compete in. obviously you like to acquire products that fit what you already are. So if we stay this shelf stable either grocery or household now, we have similar sales distribution in G&A systems, we get synergies that. That has and I'm sure will in the future serve us well when we're up against private equity people. And a lot of times, private equity is our principal competition in these acquisitions, because we are focusing on brands under $100 million in sales or even packages of brands under $100 million in sales.
B&G Foods' CEO Presents At Barclays Back-to-School Conference (Transcript)
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