US: Pinnacle Foods readies public offering
Pinnacle manufactures brands including Birds Eye frozen food, Armour canned meats and Log Cabin syrups
Private equity firm Blackstone Group is to launch an initial public offering for US food manufacturer Pinnacle Foods Group.
Pinnacle disclosed the plans in a filing to the Securities and Exchange Commission and is expected to see the food maker raise up to US$100m. Barclays and Bank of America Merrill Lynch will be the lead underwriters for the offering.
The New Jersey-based company said affiliates of Blackstone will continue to own a majority of the voting power of all outstanding shares after completion of the IPO.
The company, which was acquired by Blackstone in April 2007, manufactures brands including Birds Eye frozen food, Armour canned meats and Log Cabin syrups
The company has had a run of declining earnings. In November, the firm booked a drop in third-quarter profits, which were hit by charges related to restructuring and refinancing. Four months earlier, Pinnacle recorded a first-half net loss also on the back of restructuring charges.
US frozen-food Bellisio Foods has struck a deal to buy Overhill Farms to boost its stable of branded and own-label items....
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