Del Monte Foods Co., the San Francisco-based maker of Kibbles ‘n Bits, Meow Mix and other pet food brands, reported in early March that its buyout by a group of investors is complete.
Kohlberg Kravis Roberts & Co. L.P., Vestar Capital Partners and Centerview Partners purchased Del Monte for $19 per share or $5.3 billion, which includes the assumption of $1.3 billion in debt. Under private ownership, the company’s common stock will no longer be listed on the New York Stock Exchange.
Investors plan to work with the Del Monte team to continue executing the company’s growth strategy. The company reported $3.7 billion net sales for fiscal year 2010, up from $3.6 billion in fiscal year 2009.
Del Monte president, CEO and board chairman Richard Wolford retired upon completion of the buyout. Neil Harrison, a senior advisor at Vestar who has served executive positions with Birds Eye Foods and Heinz North America, has been named interim CEO while the company searches for a permanent replacement.
Larry Bodner, Del Monte’s executive vice president, has been named executive vice president and CFO. He replaces David Meyer, who resigned at the close of the deal. Bodner joined Del Monte in 2003 and has held various senior financial positions at Procter & Gamble and The Walt Disney Co., among others.<HOME>
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