Error message

  • Warning: preg_match() [function.preg-match]: Unknown modifier '2' in getOS() (line 1183 of /home/citywire/public_html/sites/all/themes/tcw/template.php).
  • Warning: preg_match() [function.preg-match]: Unknown modifier 'c' in getOS() (line 1183 of /home/citywire/public_html/sites/all/themes/tcw/template.php).

Tyson reportedly bid for Michael’s Foods

Twice in recent days, Bloomberg has reported Tyson Foods’ interest in acquiring Michael’s Foods, an egg protein business controlled by Goldman Sachs private equity arm.

Tyson CEO Donnie Smith said recently the protein giant would continue to look for expansion opportunities that fit its long-term growth plans. Tyson recently acquired Bosco’s Pizza, and prior to that it was Don Julio Foods and Circle Foods, all three deals fit in Tyson’s plan to grow its value-added sales and ramp up operations in its prepared foods segment.

Tyson said it does not comment on rumor or pending deals.

Bids for Michael’s Foods are due in the next week for the private sale. The deal could be worth a reported $2 billion, according to a Bloomberg source.

Michael Foods Group Inc., based in Minnetonka, Minn., is a producer and food distributor of egg products, refrigerated potato products, cheese and other dairy-case items. Like Tyson the company serves the foodservice and retail segments.

In November, Michael’s reported net sales through three quarters of 2013 totaled $1.435 million, up 6.1% from the same period in the prior year. Net earnings for the nine months ended Sept. 28, were $34.5 million, compared to $16.4 million in 2012.

Advertisement:

The company was acquired by Goldman from buyout firm Thomas H. Lee Partners LP for $1.7 billion in 2010, according to data compiled by Bloomberg.

Five Star Votes: 
Average: 5 (2 votes)

Like This Article? Share It!