Pinnacle Foods completes Birds Eye purchase
December 28, 2009
by Eric Schroeder
MOUNT LAKES, N.J. — Pinnacle Foods Group L.L.C. on Dec. 23 completed its previously announced acquisition of Birds Eye Foods, Inc. for $1.3 billion.
The acquisition, which was first announced Nov. 19, was funded through a combination of new debt financing and a significant equity contribution by affiliates of The Blackstone Group, the investment firm that controls Pinnacle Foods. The debt financing included $850 million of senior secured credit facilities and $300 million of new senior unsecured bonds.
“Birds Eye Foods represents an ideal strategic fit,” said Bob Gamgort, chief executive officer of Birds Eye. “We look forward to harnessing the power of the combined brand portfolio to better serve our consumers and customers.”