Del Monte Foods, generating over $3.8bn in net sales in fiscal 2013, is the producer, distributor and marketer of premium quality, branded pet products and food products.
The chain expects to benefit from the deal by focusing its resources and efforts on capturing continued growth opportunities in its pet products business, through greater emphasis on pet snacks and the pet specialty channel.
Del Monte Foods CEO Dave West said, "We believe DMPL is the right company to build on the Consumer Products segment’s recent success and achieve its next phase of growth, and we look forward to focusing on expanding our Pet Products business, which operates in one of the most attractive categories across the U.S. consumer packaged goods industry."
Publicly traded in Singapore and the Philippines, DMPL owns the Del Monte brand in the Philippines and is the exclusive licensee on the Indian Sub-Continent for processed products, and is the owner of the S&W brand outside of the Americas for both processed products and fresh produce.
DMPL is expected to fund the deal through a combination of cash in hand, debt and issuance of equity.
Del Monte Pacific is a food company that markets canned goods, fresh produce, and packaged foods in China, India, and the Philippines. Its international brands include FieldFresh (India), Great Lakes (China), and premium S&W. NutriAsia Group, controlled by the Campos family, owns nearly 80 percent of the company.
The deal is expected to close in early 2014, subject to regulatory approvals and customary closing conditions, including shareholder approvals.