Just a week ago, reports said B&G was in the lead to buy the business, beating out offers from private equity firms and other rivals. Beyond the gigantic sales boost, B&G is trumpeting its new foray into the frozen food aisle. The company hasn't competed in that portion of the supermarket but has long planned to do so through a big acquisition. "This opens up a completely new area of the store for us," B&G president and CEO Bob Cantwell tells Fortune. With Green Giant's leading market share in Canada and No. 2 position in the U.S. in the frozen aisle, B&G says it wants to establish a strong presence and then hunt for more frozen food acquisitions down the road. Green Giant is bit of a fixer-upper project for B&G. General Mills recently booked a $260 million impairment charge tied to the brand, reflecting lower retail support for Green Giant in the U.S. that also led the food maker to reduce sales and profit projections.