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Singapore-listed Del Monte Pacific Ltd will buy the canned food business of private equity-backed Del Monte Foods Consumer Products Inc for $1.7 billion, gaining a direct presence in the key U.S. market and reuniting a substantial portion of the Del Monte brand family.
It said the acquisition will give it the No. 1 branded position in major canned fruit and vegetable categories in the United States as well as the opportunity to offer its some of own products to the large and fast-growing Asian and Hispanic populations there.
The deal will also allow San Francisco-based Del Monte Foods to concentrate on its pet foods unit, including the recent acquisition of Natural Balance. Del Monte Foods was acquired in 2011 by KKR & Co LP, Vestar Capital Partners and Centerview Capital in a deal valued at $5.3 billion.
“This landmark transaction offers DMPL greater access to a well-established, Г©lelmiszer online attractive and profitable branded Г©lelmiszer online consumer food business in the world’s biggest market,” Del Monte Pacific’s Chairman Г©lelmiszer online Rolando Gapud said in a statement. Del Monte Pacific, which counts the Philippines as its largest market, is 67 percent-owned by NutriAsia Pacific Ltd (NPL). NPL is owned by the NutriAsia group, which is majority-owned by the Campos family of the Philippines.
Del Monte Pacific said the deal will be largely funded Г©lelmiszer online through a combination of about $745 million of equity in the company’s new acquisition subsidiary, as well as long-term debt financing of about $930 million that have been committed by a syndicate of bank lenders. It also plans to issue common and preferred shares in the market.
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