The man from Del Monte says yes to $5bn sale
Del Monte Foods has been sold to a private equity group led by Kohlberg Kravis Roberts & Co for $5.3bn (£3.4bn).
The company is best known in the UK for its “Man From Del Monte” television advertisements, which saw a beige suited man approving the quality of the fruit used in its tinned products.
In the US, it is better known for pet food brands including Meow Mix and Milk-Bone products.
Del Monte Foods has been the subject of takeover rumours for months. The deal values the company at $19 a share, 40% over Del Monte’s average closing share price in the past three months.
Simon Brown, head of the KKR’s North American consumer practice, described Del Monte’s brand portfolio as “first rate”.
He adds: “We look forward to working with the company’s talented employees and investing in the business as we continue to execute upon Del Monte’s proven strategy for growth. Del Monte is a great company, with an excellent strategy, a talented team and a strong future.”
