Pinnacle Foods Completes Acquisition of Birds Eye
Pinnacle Foods Group LLC, a private equity portfolio company of The Blackstone Group, has completed its previously-announced acquisition of Birds Eye Foods Inc. from a holding company controlled by Vestar Capital Partners, Pro-Fac Cooperative, and Birds Eye Foods management. The transaction positions Pinnacle Foods as a leader in both the frozen and shelf-stable business segments.
"Birds Eye Foods represents an ideal strategic fit," says Bob Gamgort, CEO of Pinnacle Foods. "We look forward to harnessing the power of the combined brand portfolio to better serve our consumers and customers."
The $1.3 billion acquisition, announced on Nov. 19, 2009 was funded via a combination of new debt financing and a significant equity contribution by affiliates of Blackstone. The debt financing consisted of $850 million of senior secured credit facilities arranged by Barclays Capital, BofA Merrill Lynch, Credit Suisse, HSBC, and Macquarie Capital, and $300 million of new senior unsecured bonds arranged by Credit Suisse, BofA Merrill Lynch, Barclays Capital, HSBC, and Macquarie Capital.
"Birds Eye Foods represents an ideal strategic fit," says Bob Gamgort, CEO of Pinnacle Foods. "We look forward to harnessing the power of the combined brand portfolio to better serve our consumers and customers."
The $1.3 billion acquisition, announced on Nov. 19, 2009 was funded via a combination of new debt financing and a significant equity contribution by affiliates of Blackstone. The debt financing consisted of $850 million of senior secured credit facilities arranged by Barclays Capital, BofA Merrill Lynch, Credit Suisse, HSBC, and Macquarie Capital, and $300 million of new senior unsecured bonds arranged by Credit Suisse, BofA Merrill Lynch, Barclays Capital, HSBC, and Macquarie Capital.