Parsippany-based B&G Foods Inc. agreed to sell its Back to Nature organic, plant-based snack brand to the Barilla Group.

In a Dec. 16 press release announcing the planned acquisition, B&G did not disclose financial terms of the deal, but said it is anticipated to close in the first quarter of 2023.

The move comes a month after B&G told analysts during its third quarter earnings call that it was looking to sell off Back To Nature – a better-for-you snack option that includes cookies, crackers, granola, nuts and trail mix – and is undertaking a strategic review to identify other possible divestitures.

As part of the assessment, B&G is reviewing its portfolio of brands to see which ones fit the goals set for the company’s four business divisions: frozen & vegetables, spices & seasonings, meals and specialty.

B&G’s current brands include Green Giant, Ortega, Dash, Crisco and Cream of Wheat.

In a statement, B&G President and CEO Casey Keller said, “Our decision to sell Back to Nature is part of a broader effort at B&G Foods (BGF) to focus our portfolio on businesses that are core to our long-term strategy as we transition to a business unit structure. The divestiture will also allow us to reduce long-term debt, while providing Barilla America with a great brand.”

B&G acquired Back to Nature, as well as SnackWell’s, back in 2017 as part of an effort to build out its snacking portfolio. Under the terms of that deal, B&G purchased the brands from Mondelez International and Brynwood Partners for $162.5 million.

Barilla said acquiring Back to Nature is “consistent” with its long-term strategy to build a “strong multibrand bakery platform” in the U.S.

After entering the North American market in 1996, the fourth-generation, family owned Italian company is now the No. 1 pasta brand. It is also the market leader in the crispbread category with its Wasa brand, as well as a force in the European bakery products sector.

“At Barilla, we aspire to build a long-term and significant presence in the U.S. baking industry and this operation reminds me of when we first started our journey with pasta over 25 years ago and we are now the market leader. The acquisition of Back to Nature is a key step for this exciting journey,” said Guido Barilla, chairman of the Barilla Group. “We focus all our business activities and products on health and indulgence and hence Back to Nature was a natural choice. We are excited to see how our efforts will evolve in the future.”