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KKR-backed Del Monte’s canned foods unit draws interest from Pinnacle, Fresh Del Monte

10 Jul 2013

san francisco tram_sqPrivate equity-backed company Del Monte Foods‘ canned foods business reportedly has drawn interest from Pinnacle Foods and Fresh Del Monte.

Del Monte Foods, which is backed by KKR and Centerview Partners, has put its slow-growing canned foods division up for sale to concentrate on its pet foods business, said Reuters.

A deal could value the business at over $1.5bn, said the sources.

The group is in talks with companies in the food industry and has not focused on talks with buyout firms, according to the report.

Del Monte posted sales of $3.82bn for the previous fiscal year, which ended in April. It was bought by a KKR-led consortium for $5.3bn including $1.3bn of debt in 2011.

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