Private equity firm Blackstone Group has declined to comment on reports that it is gearing up to launch an initial public offering for US food manufacturer Pinnacle Foods Group.
According to reports, Blackstone has interviewed a number of banks – including Goldman Sachs, Barclays, Credit Suisse and Bank of America – as it looks for a group to oversee the IPO.
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It is believed that the investment vehicle intends to take Pinnacle public in the next six months. Reportedly, the IPO would value the company at US$4-5bn.
Blackstone declined to comment on the rumours, insisting that an announcement to the market – if one is to be made – will come at an “appropriate time”.
Meanwhile, Pinnacle said that it is “business as usual” and insisted that the speculation has had “absolutely no impact” on the group’s operations.
Pinnacle, which owns brands including Birds Eye frozen food, Armour canned meats and Log Cabin syrups, is due to report its annual financial results next week.
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By GlobalDataFor the first nine months of 2011, Pinnacle reported net earnings of US$41m, compared to $6m a year earlier. Net sales increased 0.5% to $1.78bn.
