Philippine Del Monte Pacific to buy US food unit for $1.68b
Del Monte Pacific, the Philippine’s based and Singapore-listed pineapple, tomato and fruit juices company, agreed to buy the consumer business of US foodmaker Del Monte Foods Co. for $1.68 billion to expand in the world’s biggest economy.
The deal gives Del Monte Pacific the rights to Del Monte Foods brands including including Contadina, S&W and College Inn in the US, according to a Singapore stock exchange statement on October 11.
Del Monte Pacific seeks to expand its business in the U.S., where consumer spending rose in August for a fourth consecutive month. The deal would give it canned fruit, vegetable and broth brands in the US in a business that generates annual sales of about $1.8 billion, according to the statement.
“The US was one of few key markets where our company did not have a direct presence nor have its own brands.” Del Monte Pacific Chairman Rolando Gapud said in a statement today.
The Del Monte brand, which originated in California in 1892, was broken up in the 1990s by New York-based private equity firm KKR. This resulted in unaffiliated Del Monte businesses having the rights to the brands in respective markets and product categories.
Del Monte Pacific is 67 per cent-owned by NutriAsia Pacific Ltd, which, in turn, is owned by the NutriAsia group, which is majority-owned by the Campos family of the Philippines.
Del Monte Pacific, the Philippine’s based and Singapore-listed pineapple, tomato and fruit juices company, agreed to buy the consumer business of US foodmaker Del Monte Foods Co. for $1.68 billion to expand in the world’s biggest economy. The deal gives Del Monte Pacific the rights to Del Monte Foods brands including including Contadina, S&W and College Inn in the US, according to a Singapore stock exchange statement on October 11. Del Monte Pacific seeks to expand its business in the U.S., where consumer spending rose in August for a fourth consecutive month. The deal would give it canned fruit, vegetable...
Del Monte Pacific, the Philippine’s based and Singapore-listed pineapple, tomato and fruit juices company, agreed to buy the consumer business of US foodmaker Del Monte Foods Co. for $1.68 billion to expand in the world’s biggest economy.
The deal gives Del Monte Pacific the rights to Del Monte Foods brands including including Contadina, S&W and College Inn in the US, according to a Singapore stock exchange statement on October 11.
Del Monte Pacific seeks to expand its business in the U.S., where consumer spending rose in August for a fourth consecutive month. The deal would give it canned fruit, vegetable and broth brands in the US in a business that generates annual sales of about $1.8 billion, according to the statement.
“The US was one of few key markets where our company did not have a direct presence nor have its own brands.” Del Monte Pacific Chairman Rolando Gapud said in a statement today.
The Del Monte brand, which originated in California in 1892, was broken up in the 1990s by New York-based private equity firm KKR. This resulted in unaffiliated Del Monte businesses having the rights to the brands in respective markets and product categories.
Del Monte Pacific is 67 per cent-owned by NutriAsia Pacific Ltd, which, in turn, is owned by the NutriAsia group, which is majority-owned by the Campos family of the Philippines.
