M&A Deal Summary

Kelso Acquires Eagle Foods

On November 2, 2015, private equity firm Kelso acquired food company Eagle Foods from J. M. Smucker

Acquisition Highlights
  • This is Kelso’s 2nd transaction in the Food sector.
  • This is Kelso’s 51st transaction in the United States.
  • This is Kelso’s 2nd transaction in Ohio.

M&A Deal Summary
Date 2015-11-02
Target Eagle Foods
Sector Food
Buyer(s) Kelso
Sellers(s) J. M. Smucker
Deal Type Divestiture

Target

Eagle Foods

Orrville, Ohio, United States
Eagle Foods is a domestic manufacturer of canned milk, popcorn and other salty snack products. Eagle operates in two stable and growing categories within canned milk and sweetened condensed milk markets. Additionally, Eagle manufactures ready-to-eat popcorn under the brands G.H. Cretors and Popcorn, Indiana, as well as private label popcorn and other salty snack products for a diverse set of retail customers. Eagle Foods is based in Orrville, Ohio.

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Buyer(S) 1

Buyer

Kelso

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1971
PE ASSETS 15.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Kelso & Company is a private equity and investment management firm that seeks control investments in middle-market companies operating primarily throughout the US. Sectors of interest include manufacturing, communications, media, distribution, service, consumer products, retail, healthcare, transportation, logistics, textiles, & apparel, chemicals, and energy. Kelso looks to align 'management's interest with those of investors' when considering opportunities. Kelso & Company was formed in 1971 and is based in New York City.

DEAL STATS #
Overall 60 of 81
Sector (Food) 2 of 2
Type (Divestiture) 3 of 3
State (Ohio) 2 of 2
Country (United States) 51 of 70
Year (2015) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-20 Risk Strategies

Boston, Massachusetts, United States

Risk Strategies is a national brokerage firm focused on delivering risk management and insurance solutions toprivately-held and publicly-traded commercial clients and high net worth individuals. Risk Strategies focuses on client risk management challenges and delivers pragmatic, costeffective financial and business solutions. Risk Strategies was founded in 1997 and is based in Boston, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-14 Helios

Tampa, Florida, United States

Helios provides management of pharmacy benefits, durable medical equipment, home health care, and other ancillary services for workers’ compensation and auto no-fault insurance companies.

Sell -

Seller(S) 1

SELLER

J. M. Smucker

Orrville, Ohio, United States
Category Company
Founded 1897
Sector Food
Employees7,300
Revenue 8.5B USD (2023)
DESCRIPTION

J. M. Smucker is a marketer and manufacturer of fruit spreads, retail packaged coffee, peanut butter, shortening and oils, ice cream toppings, sweetened condensed milk, and natural foods products. J. M. Smucker was founded in 1897 and is based in Orrville, Ohio.

DEAL STATS #
Overall 1 of 8
Sector (Food) 1 of 7
Type (Divestiture) 1 of 8
State (Ohio) 1 of 4
Country (United States) 1 of 8
Year (2015) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-06 Natural Balance

San Diego, California, United States

Natural Balance is a premium pet food brand specializing in high-quality dog and cat food products sold exclusively through the pet specialty and eCommerce channels. Natural Balance has a 30+ year history in premium formulations and was a pioneer of limited ingredient diets. Natural Balance was founded in 1989 and is based in San Diego, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-04 Ainsworth Pet Nutrition

Meadville, Pennsylvania, United States

Ainsworth Pet Nutrition LLC is an independent manufacturer and developer of premium pet food and treats under Company-owned as well as retailer brands primarily sold through the Food, Drug, and Mass ("FDM") channel.

Buy $1.9B
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