BUSINESS NEWS
Birds Eye Foods in Private Equity Deal
Company had filed for an initial public stock offering to raise up to $350 million
Trading Markets .Com
Pinnacle Foods Group, LLC has signed a definitive agreement to acquire Birds Eye Foods, Inc., a producer and marketer of processed food products, for $1,300 million. Both the companies are based in the US.
Pinnacle Foods is a unit of US-based private equity firm The Blackstone Group L.P. and manufactures and distributes branded packaged foods.
Birds Eye Foods is controlled by Vestar Capital Partners, Inc., Pro-Fac Cooperative, Inc. and the management of Birds Eye.
Pinnacle Foods expects to fund the transaction using a combination of new debt financing at the company and a significant new equity contribution from Blackstone. The debt financing for the transaction is provided by Barclays Capital, Inc., Credit Suisse Group AG, Bank of America Corporation, HSBC Bank plc and Macquarie Capital Group Limited in the form of senior secured credit facilities and senior unsecured bonds.
Blackstone Advisory Services L.P., Barclays Capital, Bank of America, Credit Suisse are acting as financial advisors, while Simpson Thacher & Bartlett LLP is acting as legal advisor to Pinnacle Foods. Centerview Partners, LLC and JPMorgan Chase & Co. are acting as financial advisors, while Kirkland & Ellis LLP is acting as legal advisor to Birds Eye Foods.
The transaction is expected to occur in the first quarter of 2010.
The acquisition will provide Pinnacle Foods the opportunities to create value and strengthens its financial position. The combination creates a leader in both the frozen and shelf stable business segments and enables them to better serve its consumers and customers.
© Copyright 2009 The Connors Group, Inc.
Birds Eye Foods in Private Equity Deal
Company had filed for an initial public stock offering to raise up to $350 million
Trading Markets .Com
Pinnacle Foods Group, LLC has signed a definitive agreement to acquire Birds Eye Foods, Inc., a producer and marketer of processed food products, for $1,300 million. Both the companies are based in the US.
Pinnacle Foods is a unit of US-based private equity firm The Blackstone Group L.P. and manufactures and distributes branded packaged foods.
Birds Eye Foods is controlled by Vestar Capital Partners, Inc., Pro-Fac Cooperative, Inc. and the management of Birds Eye.
Pinnacle Foods expects to fund the transaction using a combination of new debt financing at the company and a significant new equity contribution from Blackstone. The debt financing for the transaction is provided by Barclays Capital, Inc., Credit Suisse Group AG, Bank of America Corporation, HSBC Bank plc and Macquarie Capital Group Limited in the form of senior secured credit facilities and senior unsecured bonds.
Blackstone Advisory Services L.P., Barclays Capital, Bank of America, Credit Suisse are acting as financial advisors, while Simpson Thacher & Bartlett LLP is acting as legal advisor to Pinnacle Foods. Centerview Partners, LLC and JPMorgan Chase & Co. are acting as financial advisors, while Kirkland & Ellis LLP is acting as legal advisor to Birds Eye Foods.
The transaction is expected to occur in the first quarter of 2010.
The acquisition will provide Pinnacle Foods the opportunities to create value and strengthens its financial position. The combination creates a leader in both the frozen and shelf stable business segments and enables them to better serve its consumers and customers.
© Copyright 2009 The Connors Group, Inc.
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