Today, Kramer Levin client Del Monte Pacific Limited (DMP) announced its agreement to acquire the consumer foods business of Del Monte Corporation (DMC), based in the United States, for $1.7B. The Del Monte consumer foods business is considered the leading U.S. canned fruit, vegetable and broth business, and includes iconic brands Del Monte, Contadina, S&W and College Inn.
DMP, which is publicly traded on the Singapore and Philippines stock exchanges, is 67%-owned by NutriAsia Pacific Ltd (NPL). NPL is owned by the NutriAsia Group of Companies which is majority-owned by the Campos family of the Philippines. Under the terms of the purchase agreement, DMP will purchase the brands and certain assets, and assume certain liabilities related to DMC’s consumer foods business, in the U.S., as well as equity interests in certain South American subsidiaries. The deal will reunite DMP with the U.S. mother brands and opens access to the well-established and profitable U.S. packaged food market with net sales of more than $1.8B. The Kramer Levin team which represents DMP is led by Partners Jay A. Neveloff, Peter G. Smith and David J. Fisher, and Associates Seth R. Merl and Sarah E. Kaehler. Additional team members include Partners Howard J. Rothman, Jonathan S. Caplan, Erica Klein, Robert N. Holtzman, Christine Lutgens, Jonathan M. Wagner, Neil R. Tucker and Charles S. Warren; Special Counsels Blake Rigel, Toni L. Finger, Izabel P. McDonald and Randal D. Murdock; and Associates Josh S. Winefsky, Francesca C. Butnick, Brandon J.T. Cody and Avon Khowong.
