SAN FRANCISCO — A KKR-led group agreed to acquire Del Monte Foods in a $4 billion transaction that will give the New York buyout firm pet-food brands such as Meow Mix and Kibbles ‘n Bits.
KKR, Vestar Capital Partners and Centerview Partners will pay $19 a share in cash, Del Monte said in a statement Thursday. The buyers will assume about $1.3 billion in debt. The deal will likely close in March, unless Del Monte finds a better offer before Jan. 8, according to the statement.
Del Monte’s pet-food sales have more than doubled in the past four years, bolstered by the purchase of cat-food labels and Milk Bone dog treats, and revenue climbed 4.6 percent last year.
Its shares rose 84 cents, or 4.7 percent, to $18.83 in New York Stock Exchange composite trading Friday. The shares have climbed 66 percent this year. Bloomberg News; AP photo
