BGS · CIK 0001278027
What B&G Foods, Inc. told the SEC could break it.
B&G Foods' disclosures cluster on cross-border supply concentration that sits squarely in the path of trade policy: its Green Giant frozen-vegetable plant in Irapuato, Mexico is in a region affected by water scarcity and usage restrictions, and a significant majority of its maple syrup comes from suppliers in Québec, Canada — a single region exposed to severe freezes and Canadian-dollar swings. Those same flows leave it exposed to the 2025 U.S. tariffs of up to 25% on Canada and Mexico and 10% on China (plus steel and aluminum duties) and the retaliatory measures that followed. Layered on top is leverage: it carries substantial high-coupon debt, including $800 million of 8.00% senior secured notes due 2028, exposing it to refinancing and interest-cost risk.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- Green Giant frozen-vegetable plant — Irapuato, Mexico (water scarcity)medium
The Green Giant frozen-vegetable manufacturing facility in Irapuato, Mexico sits in a region affected by water scarcity and usage restrictions, threatening production continuity.
“Our Green Giant frozen vegetable manufacturing facility in Irapuato, Mexico is located in a region affected by water scarcity and restrictions on usage.”
SEC filing →As of 2026 - maple syrup — Québec, Canadamedium
A significant majority of maple syrup requirements are sourced from suppliers in Québec, Canada — concentrating a key input in one region that is susceptible to severe freezing conditions and Canadian-dollar/tariff exposure.
“We also purchase certain raw materials from foreign suppliers. For example, we purchase a significant majority of our maple syrup requirements from suppliers in Québec, Canada.”
Liquidity & debt
- 8.00% senior secured notes due 2028 ($800M) and other leveragemedium
B&G carries substantial high-coupon debt, including $800 million of 8.00% senior secured notes due 2028 (plus 5.25% notes due 2027), exposing it to refinancing and interest-cost risk.
“On September 26, 2023, we issued $ 550.0 million aggregate principal amount of 8.00 % senior secured notes due 2028 at a price of 99.502 %. On July 12, 2024, we issued an additional $ 250.0 million aggregate principal amount of 8.00 % senior secured notes due 2028 at a price to the public 100.5 % of their face value plus accrued interest from March 15, 2024 to, but excluding, July 12, 2024.”
SEC filing →As of 2026
Regulatory & policy
- import tariffs (Canada/Mexico/China, steel/aluminum)medium
As an importer of raw materials (e.g. Canadian maple syrup) with Mexican manufacturing, B&G is exposed to evolving U.S. tariffs on Canada, Mexico and China imports plus steel/aluminum duties — a dynamic, litigated policy area.
“For example, on February 1, 2025, the White House announced the imposition of tariffs of up to 25% on imports from Canada and Mexico and 10% on imports from China, and those countries subsequently announced retaliatory tariffs in response.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Other than Walmart, which accounted for approximately 39.0% of our receivables as of January 3, 2026, no single customer accounted for more than 10.0% of our receivables as of January 3, 2026.”
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