Americana sale “on hold” – reports

The sale of Middle East frozen food maker, Kuwait Food Co. (Americana), is reportedly close to being put on hold, partly due to differences on price.

Citing sources familiar with the matter, Reuters said the sale is faltering since offers so far have failed to meet price expectations and buyers have struggled to reach agreement with majority owner, the al-Kharafi family.

Private equity firms KKR and CVC were among the main contenders for the business, for which speculation of a sale began last April.

Sources close to the deal said the fact that the business is family backed was introducing obstacles, due to the close emotional attachment to the business, according to Reuters.

KKR, CVC and the Kharafi Group were unavailable for comment at time of press.