The Hillshire Brands Co. and Catterton Partners, the leading consumer-focused private equityfirm, announced that Hillshire Brands has signed a definitive agreement to acquire Catterton portfolio company Van's Natural Foods. Van's is a leading better-for-you food brand that delivers great taste, nutrition, simple/clean ingredients and all-family appeal across multiple product lines in frozen breakfast and snack foods. Hillshire Brands will pay $165 million for Van's, which is expected to have net revenues of approximately $60 million in calendar year 2014. The transaction is expected to close in May of 2014 pending regulatory clearance.
"The Van's brand is a terrific addition to our portfolio," said Sean Connolly, president and chief executive officer, The Hillshire Brands Company. "Not only does it expand our presence in the frozen category, it also gives us a proven health and wellness brand with extendability beyond frozen."