Del Monte Foods Company (NYSE: DLM) today announced the
completion of its acquisition by an investor group led by funds
affiliated with Kohlberg Kravis Roberts & Co. L.P. (“KKR”),
Vestar Capital Partners (“Vestar”) and Centerview Capital, L.P.
(“Centerview”) – collectively the “Sponsors.” Under the terms of
the merger agreement, the company’s stockholders will receive
$19.00 per share in cash. The total enterprise value of the
transaction is approximately $5.3 billion. Shareholders voted to
approve the transaction on March 7, 2011. The price per share
represents a 40 percent premium over the average closing price
during the three months prior to market rumors last fall.
Del Monte common stock will cease trading on the New York Stock
Exchange before the opening of the market on March 9, 2011. Under
private ownership, the company’s common stock will no longer be
listed on the New York Stock Exchange.
Richard G. Wolford, 66, the company’s Chairman of the Board,
President and Chief Executive Officer, who has successfully led the
company since 1997, retired from Del Monte in conjunction with the
close of the transaction.
Neil Harrison, 58, has been named interim CEO, effective
immediately. The Sponsors have commenced a search for Mr. Wolford’s
successor. Mr. Harrison, currently a Senior Advisor at Vestar,
brings three decades of experience in the global food industry and
in branded consumer products to Del Monte. Prior to joining Vestar,
he was the Chairman and CEO of Birds Eye Foods Inc., a former
Vestar portfolio company. During his tenure at Birds Eye, he led
critical investments in marketing and advertising, R&D and new
product development, and drove significant growth at the company.
Mr. Harrison is also a former President and CEO of Heinz North
America and he has held executive positions at Miller Brewing
Company, PepsiCo, Inc., General Foods Corporation, and Unilever
PLC.
Larry Bodner, 48, Del Monte’s current Executive Vice President,
Finance, has been named Executive Vice President and Chief
Financial Officer of Del Monte Foods Company, effective
immediately. He succeeds David Meyers, 65, who resigned upon the
close of the transaction. Mr. Bodner, who joined Del Monte in 2003
and has served in senior finance and investor roles throughout his
tenure, is a consumer goods industry finance veteran with more than
twenty years of experience. Before joining Del Monte, Mr. Bodner
held various senior financial positions, including at Procter &
Gamble and The Walt Disney Company.
The acquisition was funded via a combination of new debt
financing and a significant equity contribution by the
Sponsors. The debt financing consisted of a new $2.7 billion
term loan arranged by J.P. Morgan Securities LLC, Barclays Capital,
Morgan Stanley Senior Funding, Inc., and Merrill Lynch, Pierce,
Fenner & Smith Incorporated; $1.3 billion of new senior notes
for which BofA Merrill Lynch, Morgan Stanley, Barclays Capital, and
J.P. Morgan were the initial purchasers; and a new $750 million ABL
Facility arranged by Merrill Lynch, Pierce, Fenner & Smith
Incorporated, J.P. Morgan Securities LLC, Barclays Capital, and
Morgan Stanley Senior Funding, Inc.
About Del Monte Foods
Del Monte Foods is one of the country’s largest and most
well-known producers, distributors and marketers of premium
quality, branded pet products and food products for the U.S. retail
market, generating approximately $3.7 billion in net sales in
fiscal 2010. With a powerful portfolio of brands, Del Monte
products are found in eight out of ten U.S. households. Pet food
and pet snacks brands include Meow Mix®, Kibbles 'n Bits®,
Milk-Bone®, 9Lives®, Pup-Peroni®, Gravy Train®, Nature’s Recipe®,
Canine Carry Outs® and other brand names. Food product brands
include Del Monte®, Contadina®, S&W®, College Inn® and other
brand names. The Company also produces and distributes private
label pet products and food products. For more information on Del
Monte Foods Company, please visit the Company’s website at
www.delmonte.com.
Del Monte. Nourishing Families. Enriching Lives. Every
Day.TM
About KKR
Founded in 1976 and led by Henry Kravis and George Roberts, KKR
is a leading global investment firm with $61.0 billion in assets
under management as of December 31, 2010. With 14 offices around
the world, KKR manages assets through a variety of investment funds
and accounts covering multiple asset classes. KKR seeks to
create value by bringing operational expertise to its portfolio
companies and through active oversight and monitoring of its
investments. KKR invests in high-quality franchises across multiple
industries, including current and previous consumer and retail
investments such as Sealy, Dollar General, Pets at Home, Oriental
Brewery, WILD, Duracell, Gillette, RJR Nabisco and
Safeway. KKR is publicly traded on the New York Stock Exchange
(NYSE: KKR). For additional information, please visit KKR's website
at www.kkr.com.
About Vestar Capital
Partners
Vestar is a leading international private equity firm
specializing in management buyouts and growth capital investments
with $7 billion in assets under management. The firm targets
companies in the U.S. and Europe in five key industry sectors:
consumer, diversified industries, healthcare, media/communication,
and financial services. Current and previous Vestar investments in
consumer products companies include Birds Eye Foods, Sun Products
Corporation, Michael Foods, Remington Products and Celestial
Seasonings. Since the firm’s founding in 1988, the Vestar funds
have completed more than 67 investments in companies with a total
value of more than $30 billion. Vestar has operations in New York,
Boston, Denver, Munich, and Paris. For more information, please
visit Vestar’s website at www.vestarcapital.com.
About Centerview
Centerview’s private equity business is based in Rye, New York
and is focused exclusively on making investments in U.S. middle-
and upper-middle market consumer businesses. With approximately
$500 million in committed capital, the firm seeks to leverage its
operational expertise and deep consumer industry relationships in
partnership with existing owners and management to achieve
strategic and operational excellence. More information about the
firm is available at www.centerviewcapital.com.
Del Monte (NYSE:DLM)
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