US meat processor Tyson Foods has entered into an agreement to sell its Sara Lee Frozen Bakery and Van’s business to private equity firm Kohlberg & Co as part of its strategy to focus on its protein business.
The deal, terms of which were not disclosed, include the Chef Pierre, Bistro Collection and Van’s brand and the license to use Sara Lee in certain markets. The agreement also includes the sale of the facilities in Tarbono, North California and Traverse City, Michigan and a sales office in Canada.
“These are great assets with outstanding team members; however, we’re focused on expanding Tyson Foods’ leadership position in protein”, commented Sally Grimes, group president of Prepared Foods for Tyson Foods. “We believe these brands and facilities will do well as part of Kohlberg, which has extensive experience buying and growing businesses”.
Source: Tyson Foods