In light of recent information disclosed in a trade publication, Agrilink Foods, today confirmed that it has entered into an exclusive letter of intent with Vestar Capital Partners related to a capital investment of us$175m.
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The investment would be in the form of preferred and common shares. The closing of the transaction is subject to the negotiation and execution of definitive agreements, together with other customary conditions of closing. Further information will be provided upon execution of definitive agreements.
“Deleveraging our balance sheet with these investment proceeds will strengthen the Company’s position in the highly competitive food industry,” stated Dennis M. Mullen, Agrilink Foods president and CEO.
Pro-Fac Cooperative, an agricultural marketing cooperative which consists of about 600 members, processes fruits, vegetables and popcorn through its wholly-owned subsidiary, Agrilink Foods. These commodities are processed and marketed as branded, private label and foodservice products in facilities located throughout the US, including the Birds Eye line of products.
