"Private equity failure at its finest.
Del Monte became part of R.J. Reynolds Industries, Inc. (later RJR Nabisco, Inc.), in 1979. After having been acquired by Kohlberg Kravis Roberts in 1988, RJR Nabisco sold several Del Monte divisions. The fresh fruit business was sold to Polly Peck.[25] RJR Nabisco retained Del Monte Canada and Venezuela. The remaining food processing divisions, known as Del Monte Foods, were sold to Merrill Lynch, Citicorp Venture Capital, and Kikkoman in 1989. Kikkoman separately acquired Del Monte brand in Asia (excluding Philippines, the Indian subcontinent and Myanmar). In 1990, the European division was subject to a management buyout and Hawaiian Punch was sold to Procter & Gamble.[26][27] Del Monte sold part of its Philippines division in 1991 and the remainder in 1996.[28] In 1993, Del Monte's dried fruit division was sold to Yorkshire Food Group.[29] In 1996, Del Monte sold its pudding division to Kraft.[30] In 1996, Del Monte Mexico was sold to Hicks, Muse, Tate & Furst; the Central American and Caribbean operations were also sold.[31][32]
Texas Pacific Group acquired Del Monte in 1997.[33] Del Monte acquired Contadina from Nestlé in 1997 and reacquired Del Monte Venezuela from Nabisco in 1998.[34][35] Del Monte Foods again became a publicly traded company in 1999, and in 2002, it purchased several brands from US food giant Heinz in an all-stock transaction that left Heinz shareholders with 74.5% of Del Monte and original Del Monte shareholders with 25.5% of the company, and nearly tripled Del Monte Foods' size.[36] Del Monte subsequently established an East Coast headquarters in Pittsburgh, home of Heinz, and in 2021 moved their headquarters to Penn Center West.[37]
Show less"....(more)
= new reply since forum marked as read