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Slide #2. The Hillshire Brands Company — Pinnacle Foods Inc.
Acquirer:
The Hillshire Brands Company (HSH)
Acquiree:
Pinnacle Foods Inc. (PF)
Details:
The Hillshire Brands Company and Pinnacle Foods Inc. announced that they have entered into a definitive agreement under which Hillshire Brands will acquire all outstanding shares of Pinnacle Foods in a cash and stock transaction. Under the terms of the agreement, each share of Pinnacle Foods common stock will be exchanged for $18.00 in cash and 0.50 shares of Hillshire Brands common stock. The total enterprise value of the transaction is approximately $6.6 billion, including Pinnacle Foods' outstanding net debt, which reflects an adjusted EBITDA multiple of 9.6x. The transaction brings together two highly complementary businesses with leading, iconic brands to create a diversified food company with estimated pro forma 2014 sales of $6.6 billion. On a combined basis, the companies will have leading positions in key frozen, refrigerated and center of store grocery categories.
Hillshire Brands is a manufacturer and marketer of brand name food products. Co. is a provider of meat-centric food products for the retail and foodservice markets. Co.'s portfolio includes brands such as Jimmy Dean, Ball Park, Hillshire Farm, State Fair, Sara Lee frozen bakery and Chef Pierre pies, as well as brands Aidells and Gallo Salame. Co.'s operations are organized around two business segments: Retail and Foodservice/Other. Co.'s Retail segment sells a variety of packaged meat and frozen bakery products to retail customers in North America. Co.'s Foodservice/Other segment sells a variety of meat and bakery products to foodservice customers in North America.
Open the HSH Page at The Online Investor »
Hillshire Brands is a manufacturer and marketer of brand name food products. Co. is a provider of meat-centric food products for the retail and foodservice markets. Co.'s portfolio includes brands such as Jimmy Dean, Ball Park, Hillshire Farm, State Fair, Sara Lee frozen bakery and Chef Pierre pies, as well as brands Aidells and Gallo Salame. Co.'s operations are organized around two business segments: Retail and Foodservice/Other. Co.'s Retail segment sells a variety of packaged meat and frozen bakery products to retail customers in North America. Co.'s Foodservice/Other segment sells a variety of meat and bakery products to foodservice customers in North America.
Open the PF Page at The Online Investor »
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