International Home Foods to acquire Bumble Bee Seafoods in a transaction valued at $163 million.DALLAS--(BUSINESS WIRE)--May 2, 1997--Hicks, Muse, Tate & Furst Incorporated, a leading private investment firm, today announced that one of its portfolio companies, International Home Foods, Inc., a New Jersey based manufacturer and marketer of branded food products, has agreed to acquire the ongoing canned seafood business of Bumble Bee Seafoods, Inc., in a transaction valued at approximately $163 million in cash and the assumption of certain liabilities of Bumble Bee. Hicks Muse acquired International Home Foods from American Home For the American mortgage lender, see . The American Home is a center of intercultural exchange located in Vladimir, Russia. The home is designed to model a typical American suburban home and its main focus is the ESL school that provides lessons for Russian students. Products Corporation for approximately $1.3 billion in a transaction completed in November 1996. Bumble Bee is one of the world's largest distributors of canned seafood products and is the number two tuna producer in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The company, which is a subsidiary of Thailand's Unicord Public Company Limited, employs approximately 3,000 people in processing plants in Mayaguez, Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. ; Santa Fe Springs Santa Fe Springs, city (1990 pop. 15,520), Los Angeles co., SW Calif., inc. 1957. The city lies in an oil and natural gas region and has diversified manufacturing. , Calif.; and Manta, Ecuador; procurement offices in Edmonds, Washington and Tokyo, Japan; and its corporate offices in San Diego, Calif. Bumble Bee's principal products include canned tuna and salmon marketed under the Bumble Bee brand name. To facilitate its financial restructuring, and thereby expedite completion of the sale, which is expected to close within 45 to 60 days, Bumble Bee has filed for protection under Chapter 11 of the Federal Bankruptcy Code. It is anticipated that under the reorganization, Bumble Bee will continue to function on a business-as-usual basis. Bumble Bee has obtained debtor-in-possession financing Debtor-in-possession financing New debt obtained by a firm during the Chapter 11 bankruptcy process, Federal Bankruptcy Rule 4001 (c)(1). This financing is unique because it is secured, that is, it has priority over existing debt, equity and other claims. of $83.5 million from Heller Financial Inc., which will allow Bumble Bee to maintain normal day-to-day operations, including payment of its trade credit obligations. Alan B. Menkes, a Managing Director of Hicks Muse and a Director of International Home Foods, said: "This transaction represents the first add-on acquisition since we acquired International Home Foods. We plan to further grow International Home Foods by continuing to execute our buy-and-build strategy in the branded food products business." C. Dean Metropoulos, Chief Executive Officer of International Home Foods, said: "The acquisition of Bumble Bee will add to International Home Foods' strong portfolio of leading brands and will result in significant synergies in manufacturing, marketing, distribution and administration." John Batt, President and Chief Executive Officer of Bumble Bee, said: "The purchase by International Home Foods will enable Bumble Bee to continue its strong presence in the United States, improve operational efficiencies and strengthen its competitive position." Bumble Bee filed its petition in the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. of the Southern District of California in San Diego. The transaction is subject to certain terms and conditions, and entry of appropriate Bankruptcy Court orders. International Home Foods is a leading North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. manufacturer and marketer of shelf-stable food products. Its diversified, well-established portfolio of brand name products includes, among others, Chef Boyardee canned pastas, Pam cooking spray, Polaner fruit spreads, Gulden'smustard, Jiffy Pop popcorn, Ranch Style beans, Luck'sbeans, Dennison's chili, Crunch 'n Munch Crunch 'n Munch is a brand of ConAgra Foods consisting of caramel-coated popcorn and peanuts. Crunch 'n Munch currently comes in its original form of Buttery Toffee as well as the added varieties of Caramel and Almond Supreme. glazed popcorn and Campfire marshmallows and marshmallow marshmallow /marsh·mal·low/ (mahrsh´mel?o) (-mal?o) a perennial Eurasian herb, Althaea officinalis, crisp rice bars. Since its formation in 1989, Hicks, Muse, Tate & Furst Incorporated has completed or currently has pending more than 70 transactions with a total capital value of approximately $19 billion. Headquartered in Dallas, the firm also has offices in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , St. Louis and Mexico City. CONTACT: Roy Winnick Kekst and Company 212-593-2655 |
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