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Blackstone to acquire Pinnacle Foods for $2.16bn13/02/2007. Source: AltAssets. 
 The Blackstone Group has agreed to acquire Pinnacle Foods Group, a manufacturer, marketer and distributor of branded food products in the US and Canada, for approximately $2.16bn in cash.
Pinnacle Foods is jointly owned by affiliates of JPMorgan Partners (CCMP Capital Advisors manages their investment in Pinnacle Foods), J.W. Childs Associates, CDM Group (an investment company controlled by Pinnacle Foods Board Chairman C Dean Metropoulos), and by former bondholders of Aurora Foods.
Pinnacle Foods manufactures and markets branded convenience food products in the US and Canada. Its product range includes frozen dinners and entrées, frozen seafood, breakfasts, bagels, pickles, peppers and relish, baking mixes and frostings, and syrups and pancake mixes. The company employs more than 3,000 individuals, owns seven manufacturing facilities in the US, and generates approximately $2.1bn in annual gross sales, according to a statement.
Under the agreement a Blackstone affiliate is expected to merge with Crunch Holding Corp., the direct owner of Pinnacle Foods. The owners of Crunch Equity Holding and the boards of directors of Pinnacle Foods and Crunch Holding Corp. have unanimously approved the transaction.
Roger Deromedi, former CEO of Kraft Foods, will assume the role of chairman upon the closing of the transaction. Deromedi will support the existing management team.
Blackstone's other recent transactions in the food and beverage sector have included investments in biscuit manufacturer United Biscuits and beverages company Orangina.
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