NEW YORK (TheStreet) --  In late March, Kraft (KRFT) announced plans to merge with Heinz, which was taken private by Warren Buffett's Berkshire Hathaway (BRK.A) (BRK.B) and private-equity firm 3G Capital

So what does that have to do with B&G Foods,  (BGS) a $1.6 billion packaged-foods company known for brands like Cream of Wheat, Ortega and Pirate's Booty? 

According to B&G Foods CEO Robert Cantwell, his company is hoping is that after a Kraft-Heinz merger, the newly formed entity will spin off some of the smaller brands that don't fit into the new organization's future plans. 

B&G Foods is ideally seeking some of Kraft's brands with less than $100 million in annual sales. Cantwell also said he's looking for brands with high margins and healthy cash flows. 

BGS Chart

B&G Foods BGS data by YCharts

Because his company isn't that big, Cantwell said, "We don't have the money to do big advertising, so social media is a very important aspect." The use of social media helps the company reach millennials, who may have different shopping patterns than, say, baby boomers.

In another attempt to reach younger consumers, the company has started selling single-serve packages for products such as Cream of Wheat. 

Today's consumers want "cleaner labels," he claimed. As a result, the company will continue to shed aspects of labels that are unnecessary; some bear elements that originated in the 1950s. 

Cantwell explained that his company allocates resources to its brands when they need it, whether they are old, new or recently acquired. "We're a very lean" company though, he said, by way of explaining the firm's relatively high margins.

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