Blackstone to Acquire Pinnacle Foods
The Blackstone Group enters into a definitive agreement to acquire Pinnacle Foods Group Inc., a manufacturer, marketer and distributor of branded food products in the United States and Canada, for approximately $2.16 billion in cash. Roger Deromedi, former CEO of Kraft Foods Inc. will assume the role of chairman upon the closing of the transaction. He will support the existing management team and brings 30 years of operating experience in the food industry, both at General Foods and Kraft. Joe Jimenez, former executive vice president of H.J. Heinz Company, will join Pinnacle Foods' Board as a director following completion of the transaction. He has more than 20 years of experience in the food industry at Heinz, ConAgra and The Clorox Company. Pinnacle Foods produces leading brands including Duncan Hines baking mixes, Vlasic pickles, Hungry Man and Swanson frozen dinners, Log Cabin and Mrs. Butterworth's syrups, Lender's bagels, Aunt Jemima breakfast foods, Celeste pizza and Van de Kamp's and Mrs. Paul's seafood. The company employs more than 3,000 people, owns seven manufacturing facilities in the United States, and generates approximately $2.1 billion in annual gross sales.