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US Hicks, Muse, Tate & Furst sells Pinnacle to JP Morgan for $485m11/08/2003. Source: AltAssets. 
 US private equity firm Hicks, Muse, Tate & Furst has sold its majority holding in Pinnacle Foods to the investment arm of JP Morgan Chase. The transaction has been valued at $485m.
JP Morgan beat US private equity firm GTCR Golder Rauner to seal the deal.
Hicks Muse bought Pinnacle Foods in May 2001 for $130m, according to a report from Reuters. The private equity firm sold the unit, which has annual revenues of $600m, through an auction run by its advisers Goldman Sachs.
This is the second successful exit completed by Hicks, Muse in the last month. The firm floated its stake in British directories business Yell Group in July, nearly doubling its original investment.
Hicks Muse is expected to begin marketing a new European buy-out fund in the coming months.
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