Del Monte Foods Dissolves Operations in Three-Way Sale
Del Monte Foods has sold off its business operations and assets following its bankruptcy filing last year.
This includes three separate transactions with B&G Foods, Pacific Coast Producers and Fresh Del Monte Produce.
B&G Foods has purchased all of Del Monte's broth and stock assets, including the College Inn and Kitchen Basics brands. Meanwhile, Pacific Coast Producers now owns the shelf-stable fruit business, with rights and licenses to use the Del Monte and S&W brands in the U.S. and Mexico.
Fresh Del Monte Produce acquired global ownership of the Del Monte brand and related intellectual property and operations for the vegetable, tomato and refrigerated fruit business, including:
- Del Monte and S&W packaged vegetable brands
- Del Monte, Contadina and Take Root Organics packaged tomato brands
- Del Monte refrigerated fruit brand
- Joyba beverage brand
Greg Longstreet, CEO of Del Monte Foods, previously cited business challenges that were intensified by a dynamic macroeconomic environment as part of the company’s struggles. He said an improved capital structure and financial standing, along with new ownership, would better position the company for long-term success.
"The completion of these transactions marks an important milestone for Del Monte Foods and positions these iconic brands and businesses to move forward under the strong ownership of three strategic operators who are well positioned to support their continued success," Longstreet said in a statement.
