Fresh Del Monte acquires assets from Del Monte Foods
Fresh Del Monte acquires assets from Del Monte Foods
Del Monte Foods Corp. has selected three successful bidders in its court-supervised auction process. The company has negotiated asset purchase agreements for substantially all of its assets and business operations as going-concern businesses.
The sale transactions are:
- The sale to Fresh Del Monte Produce Inc. of the company's vegetable, tomato and refrigerated fruit business assets, including Del Monte and S&W packaged vegetable brands, Del Monte, Contadina and Take Root Organics packaged tomato brands, Del Monte refrigerated fruit brand, and the JOYBA beverage brand, together with global ownership of the Del Monte brand and related intellectual property, subject to existing licensing arrangements;
- The sale to B&G Foods, Inc. of all assets in the "Broth & Stock" business segment, including College Inn and Kitchen Basics brands; and
- The sale to Pacific Coast Producers of the shelf-stable fruit business assets (other than production assets), including the rights and licenses to use the Del Monte and S&W brands for shelf-stable packaged ambient fruit and ambient fruit sauces, in the United States (including Puerto Rico) and Mexico.
The sale transactions are expected to provide Del Monte Foods with a clear path forward for the company's assets and business operations to continue under the new ownership of three well-regarded strategic operators and represent the highest or otherwise best offers for the company's assets and businesses.
"This outcome represents a successful result in our sale process and demonstrates the enduring value of Del Monte Foods' brands and operations," said Greg Longstreet, CEO. "These transactions will create an opportunity for our beloved brands and businesses to thrive under the ownership of three of the leading companies in the food industry. We are committed to working closely with all parties to support a smooth transition of operations and are grateful to our team members, customers and vendor partners for their steadfast commitment and meaningful contributions to Del Monte Foods during this pivotal time."
