On February 18, 2014, Kramer Levin client Del Monte Pacific Limited (DMP) completed its acquisition of the consumer foods business of Del Monte Corporation (DMC), based in the United States, for $1.675B, subject to working capital adjustments. 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.
Under the terms of the purchase agreement, DMP purchased the brands and certain assets, and assumed 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 reunites 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 represented DMP was 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 included 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; associates Josh S. Winefsky, Francesca C. Butnick, Brandon J.T. Cody and Avon Khowong; and law clerk Alexander Traum.
