The Hillshire Brands Company (NYSE: HSH) and Catterton Partners, a consumer-focused private equity firm, announced that Hillshire Brands has signed a definitive agreement to acquire Catterton portfolio company Van’s Natural Foods.
Phoenix AZ-based Van’s is a food brand with multiple product lines in frozen breakfast and snack foods. Hillshire Brands will pay $165 million for Van’s, which is expected to have net revenues of approximately $60 million in calendar year 2014. The transaction is expected to close in May 2014 pending regulatory clearance.
Van’s will become part of Hillshire Brands’ Retail segment, pairing with brands such as Jimmy Dean, Hillshire Farm, and Ball Park. The current Van’s management will continue to lead the business.
Centerview Partners served as financial advisor and Stinson Leonard Street served as legal advisor to Hillshire Brands. Houlihan Lokey served as financial advisor and Gibson Dunn & Crutcher served as legal advisor to Van’s in connection with the transaction.
Access www.hillshirebrands.com or www.vansfoods.com for more information.