Del Monte Foods has decided to shed its canned vegetables and fruits business. The company announced its intention to sell its division of consumer products to Del Monte Pacific. Del Monte Pacific is an Asian based company that sells its food products under the brand of Del Monte in India and the Philippines. Following the deal, Del Monte Foods will shift its focus to pet foods, which formed the biggest part of their business. Three years ago when a Kohlberg Kravis Roberts-led group bought Del Monte Food, about fifty percent of the company revenue came through the sale of pet food brands such as Kibbles ‘n Bits and Meow Mix. The deal will also pave the way for Del Monte Pacific to delve into the United States market.
According to a statement presented by Del Monte Food’s Chief Executive, Dave West, Del Monte Pacific is a company that is in a better position to expand and build on the division of Consumer Products. Dave West further added that Del Monte Foods will now focus on the expansion of pet products division. The deal will also necessitate shuffling of the brand that began in the 1800s. For instance, Fresh Del Monte Produce has been known to sell fresh pineapples and bananas. Del Monte Foods has the plan of changing its brand name so that it can truly reflect on its key focus on pet food products.
Some of the parties that would finance the deal include Morgan Stanley, Philippine Banks, Morgan Stanley, Philippine Islands Bank, and Citi. The key advisors of Del Monte Foods included Center View Partner, Morgan Stanly, and the Simpson Thacher & Bartlett law firm.
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