US food group Michael Foods looks set for new private-equity owners after affiliates of Thomas H. Lee Partners agreed to sell the business to a unit of Goldman Sachs for US$1.7bn.

Affiliates of GS Capital Partners have struck a deal to buy Michael Foods, which sells the Papetti range of egg products and Crystal Farms cheese.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Thomas H. Lee Partners, which bought Michael Foods in 2003, will keep a 20% stake in the business.

“Michael Foods is a great company that has produced strong results, and we are very pleased with our investment,” said Kent Weldon, MD at Thomas H. Lee Partners.

Adrian Jones, MD at GS Capital Partners, said the Goldman Sachs unit would look to build on Michael Foods “leading market position in the egg category”.

The deal is expected to close in the next two months.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Just Food Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Food Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now