Pinnacle Foods Group Completes Acquisition of Birds Eye Foods
The $1.3 billion acquisition, announced on November 19, was funded via a combination of new debt financing and a significant equity contribution by affiliates of Blackstone.
28 Dec 2009 --- 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,” said 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 November 19, 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.
Pinnacle Foods was advised by Blackstone Advisory Partners LP, Barclays Capital, BofA Merrill Lynch, and Credit Suisse. Birds Eye Foods was advised by Centerview Partners, JP Morgan, and UBS. Simpson Thacher & Bartlett LLP acted as legal counsel to Pinnacle Foods. Kirkland & Ellis LLP served as legal counsel to Birds Eye Foods.
