“These are great assets with outstanding team members; however, we’re focused on expanding Tyson Foods’ leadership position in protein,” said Sally Grimes, group president, Prepared Foods. “We believe these brands and facilities will do well as part of Kohlberg, which has extensive experience buying and growing businesses.”
C.J. Fraleigh will join Kohlberg & Co. as executive chairman at closing. A 30 plus year veteran of consumer products, Fraleigh previously served as CEO of Sara Lee – North America.
“Kohlberg’s partnership with C.J., along with our depth of experience with food investments, creates an excellent opportunity to drive growth and value creation for all stakeholders,” added Kohlberg partner, Seth Hollander.
The terms of the agreement were not disclosed. Rothschild & Co. is acting as Tyson Foods’ financial advisor on the sale.