Del Monte Foods Co. will name Neil Harrison of Vestar Capital as interim chief executive upon the expected closing of the company's US$4 billion acquisition by a group of private equity firms, The Wall Street Journal reported.
The petfood maker's acquisition by Kohlberg Kravis & Roberts Co., Vestar Capital Partners and Centerview Partners will likely close in March, a deal worth US$19 per share including US$1.3 billion in assumed debt, according to The Wall Street Journal's report. Harrison will also get a seat on the company's board, according to a letter disclosed in a regulatory filing from Del Monte Chairman and Chief Executive Richard Wolford. Del Monte will continue to search for a permanent replacement for Wolford.
New shelter data casts doubt on whether the pet population and pet ownership are truly growing.
While the pandemic caused unprecedented suffering worldwide in 2020, the disruptions to dogs, cats and other pets adoption numbers may normalize in 2021.