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Blackstone-backed Pinnacle Foods files for $100m IPO

20 Dec 2012

Blackstone-backed US food distributor Pinnacle Foods has filed to raise $100m in an IPO of common stock.

The private equity investor bought Pinnacle for about $2.16bn in cash in 2007 and added Birds Eye Foods two years later for $1.3bn.

Pinnacle manufactures, markets and distributes of branded food products in North America, and owns trademarks for brands including Birds Eye, Country Kitchen and Hungry-Man Steakhouse.

It had annual net sales of $2.5 billion in fiscal 2011.

In February it emerged Blackstone had interviewed banks to run an IPO for Pinnacle with a view to listing the company by the end of the third quarter.

Bloomberg said at the time the IPO would value the company at between $4bn and $5bn.

The $100m is an indicative figure designed to calculate registration fees, and does not limit the final size of the IPO.

Barclays and Bank of America Merrill Lynch are acting as lead underwriters for the offer, while Credit Suisse, Goldman Sachs, Morgan Stanley and UBS are named as joint book-running managers.

Earlier this month Blackstone and fellow global buyout firm PAI Partners reached a deal to sell the savoury snacks arm of UK food giant United Biscuits to German trade buyer Intersnack for a reported £504m.

The news ended a hotly contested sale process that was understood to have drawn bids from private equity heavyweights including Lion Capital, CapVest and Pamplona Capital.

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