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Thomas H Lee sells Michael Foods to GS Capital Partners for $1.7bn

25 May 2010

US private equity firm Thomas H Lee Partners has sold its stake in Michael Foods to the private equity division of Goldman Sachs in a deal that values the Minneapolis food company at $1.7bn.

THL, which acquired the company in 2003, is to retain an ownership stake of approximately 20 per cent upon closure of the deal, which is expected within the next two months.

James Dwyer, chairman and CEO of Michael Foods, said, “We’re pleased with the growth and performance milestones we have achieved over the past several years.

“Looking ahead, we’re enthusiastic about our new partnership with GS Capital Partners. We believe Michael Foods will continue to build value by delivering innovative, high-quality products and outstanding service to our growing roster of customers,” he added.

Michael Foods is a multinational producer and distributor of food products to the food service, retail and food ingredient markets. Its principal products are specialty egg products, refrigerated potato products, cheese and other dairy-case products.

Thomas H Lee recently moved into the pizza chain business with the acquisition of US “take and bake” company Papa Murphy’s from Charlesbank Capital Partners for a reported $180m.

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