Del Monte acquisition completed

The US pet food supplier Del Monte Foods has announced the completion of its acquisition by an investor group led by funds affiliated with Kohlberg Kravis Roberts & Co. L.P., Vestar Capital Partners and Centerview Capital, L.P. – collectively the “sponsors”. Under the terms of the merger agreement, the company’s stockholders will receive $19.00 per share in cash. The total enterprise value of the transaction is approximately $5.3 billion. Shareholders voted to approve the transaction on 7 March. Richard G. Wolford, 66, the company’s chairman of the board, president and chief executive officer, who has successfully led the company since 1997, retired from Del Monte in conjunction with the close of the transaction. Neil Harrison, 58, has been named interim CEO with immediate effect. The sponsors have commenced a search for Mr. Wolford’s successor.