Del Monte Foods acquisition deal completed by investor groups
Shareholders approved US$5.3 billion deal on March 7
US petfood supplier Del Monte Foods completed its acquisition by "sponsor" investor groups Kohlberg Kravis Roberts & Co. L.P., Vestar Capital Partners and Centerview Capital L.P.
Under the terms of the merger agreement, the company’s stockholders will receive US$19.00 per share in cash. The total enterprise value of the transaction is approximately US$5.3 billion, according to the company. Shareholders voted to approve the transaction on March 7.
Richard G. Wolford, the company’s chairman of the board, president and chief executive officer, retired from Del Monte in conjunction with the close of the transaction. Neil Harrison was named interim CEO while the acquisition sponsors search for a permanent replacement.