GS Capital completes Michael Foods purchase

by Eric Schroeder
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MINNETONKA, MINN. — GS Capital Partners has completed the acquisition of Michael Foods, Inc. for approximately $1.7 billion. Michael Foods is a multinational producer and distributor of food products to the food service, retail and food ingredient markets. Its principal products are specialty egg products, refrigerated potato products, cheese and other dairy case products.

Thomas H. Lee Partners, which acquired Michael Foods in 2003, will retain an ownership stake of approximately 20% as part of the transaction.

“We look forward to working with Jim Dwyer, the entire management team and THL to further build the company’s strong product portfolio across all segments,” said Oliver Thym, managing director at GS Capital Partners. “We are excited to continue the company’s demonstrated track record of finding profitable growth opportunities.”

In addition to closing the transaction, Michael Foods said Gregg A. Ostrander, executive chairman of the board, and John D. Reedy, vice-chairman, have announced their retirements.

Mr. Ostrander has been executive chairman since 2008. He joined Michael Foods in 1993 and has held several senior management positions, including president and chief executive officer from 1994 to 2007. Mr. Ostrander will remain an investor in and a non-management director of Michael Foods.

Mr. Reedy joined Michael Foods in 1988 He served as chief financial officer and vice-president of finance from 1988 to 2000 and as c.f.o. and executive vice-president from 2000-07.
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