Tyson Foods Enters Into Agreement to Sell Sara Lee® Frozen Bakery and Van’s® Businesses
June 01 2018 - 4:45PM
Tyson Foods, Inc. (NYSE:TSN) has entered into an agreement to sell
its Sara Lee® Frozen Bakery and Van’s® businesses to private equity
firm Kohlberg & Company, the company announced today.
The sale includes the Chef Pierre®, Bistro Collection® and
Van’s® brands, and a license to use the Sara Lee® brand in certain
channels. The deal also includes the sale of the company’s Tarboro,
N.C. and Traverse City, Mich. prepared foods facilities and a sales
office in Canada. The 1,160 team members employed at the two
facilities and sales office are expected to keep their positions
with the new company.
“These are great assets with outstanding team members; however,
we’re focused on expanding Tyson Foods’ leadership position in
protein,” said Sally Grimes, Group President, Prepared Foods.
“We believe these brands and facilities will do well as part of
Kohlberg, which has extensive experience buying and growing
businesses.”
Kohlberg is partnering with C.J. Fraleigh, who will join as
Executive Chairman at closing. Fraleigh, a long-time consumer
products executive with over 30 years of experience, previously
served as CEO of Sara Lee – North America.
“I’m very excited to be joining the team,” commented Fraleigh.
“With established and iconic brands, including Sara Lee®, Chef
Pierre®, Bistro Collection®, and Van’s®, this business is
well-positioned to continue its historical growth trajectory.
I look forward to working with the company’s employees to execute
on growth opportunities we’ve identified and continue providing
customers with excellent service, innovation and consistently high
quality products.”
Seth Hollander, Partner of Kohlberg, stated, “Kohlberg’s
partnership with C.J., along with our depth of experience with food
investments, creates an excellent opportunity to drive growth and
value creation for all stakeholders.”
The terms of the agreement are not being disclosed. Rothschild
& Co is acting as Tyson Foods’ financial advisor on the
sale.
About Tyson Foods
Tyson Foods Inc. (NYSE:TSN) is one of the world’s largest food
companies and a recognized leader in protein. Founded in 1935 by
John W. Tyson and grown under three generations of family
leadership, the company has a broad portfolio of products and
brands like Tyson®, Jimmy Dean®, Hillshire
Farm®, Ball Park®, Wright®, Aidells®, ibp®
and State Fair®. Tyson Foods innovates continually to make
protein more sustainable, tailor food for everywhere it’s available
and raise the world’s expectations for how much good food can do.
Headquartered in Springdale, Arkansas, the company has 122,000 team
members. Through its Core Values, Tyson Foods strives to operate
with integrity, create value for its shareholders, customers,
communities and team members and serve as a steward of the animals,
land and environment entrusted to it.
Visit www.TysonFoods.com.
About Kohlberg & Company
Kohlberg & Company, L.L.C. (“Kohlberg”) is a leading private
equity firm headquartered in Mount Kisco, New York. Since its
inception in 1987, Kohlberg has organized eight private equity
funds, through which it has raised $7.5 billion of committed equity
capital. Over its 31-year history, Kohlberg has completed 76
platform investments and approximately 170 add-on acquisitions,
with an aggregate transaction value of approximately $18 billion.
For more information, please visit www.kohlberg.com.
Media Contact: Caroline Ahn, 312-614-6047,
caroline.ahn@tyson.com
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