2011: Food and Beverage M&A Activity

The following is a summary of the major acquisitions that occurred in the food and beverage industry in 2011.

Legend

• Date: The date the buyer acquired the target or brand, as reported in public sources.
• Price: The price paid for the company being acquired.
• Buyer: The company that acquired the target or brand.
• Target: The company or brand that was acquired. For example, if Ford Motor Company acquired Audi, Ford Motor Company is the buyer, Volkswagen is the seller, and the target is Audi.
• Location: The location of the target (i.e., the company or brand that was acquired).
• Seller: The company that owned the target company or brand that was acquired. For example, if Volkswagen sold Audi, Volkswagen is the seller, and the target is Audi.
• Purpose: The primary reason the buyer acquired the target or brand.
• Details: Specific details regarding the transaction, such as the form of consideration (e.g., cash, stock, notes, etc.) and/or any contingent payments (e.g., earnouts, etc.).

Food Manufacturing M&A – General

Ralcorp Frozen Bakery Product Acquired North American Refrigerated Dough Business (Refrigerated Dough)

Date:	October 3, 2011
Price:	$545 Million
Buyer:	Ralcorp Frozen Bakery Product – Provides frozen bakery products. The company offers food services, including bakery chef biscuits, pancakes, toast, sliced deli breads, and retail and in-store bakeries.
Target:	North American Refrigerated Dough Business – A Sara Lee Corp refrigerated business.
Location:	Illinois, USA
Seller:	Sara Lee Corp – An American consumer-goods company based in Downers Grove, Illinois.
Purpose:	“The sale of our North American Refrigerated Dough business to Ralcorp is another step forward for Sara Lee as we continue to prepare for our separation into two publicly-traded companies,” said Marcel Smits, CEO of Sara Lee Corp. “It will better enable our North American business to focus on its branded meats and frozen desserts products and establish a platform for a strong and independent future.”

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Kohlberg Kravis Roberts & Co Acquired Del Monte Foods (Food Producers)

Date:	March 8, 2011
Price:	$5.3 Billion
Buyer:	Kohlberg Kravis Roberts & Co. L.P. – A U.S. global investment company that manages multiple alternative asset classes, including energy, private equity, infrastructure, credit, real estate, and, with its strategic partners, hedge funds.
Target:	Del Monte Foods Company – A U.S. food production and distribution company based in Walnut Creek, California.
Location:	California, USA
Details:	The acquisition was funded via a combination of new debt financing and a significant equity contribution by the Sponsors.

Danone Holdings Acquires Complan Foods (Nutritional Foods)

Date:	June 15, 2011
Price:	Undisclosed Amount
Buyer:	Danone Holdings – A French multinational food-product corporation headquartered in Paris.
Target:	Complan Foods – A UK manufacturer and supplier of medical nutrition products.
Location:	Windsor, UK
Purpose:	To support both companies’ visions of medical nutrition for all who need it.
Details:	The Office of Fair Trading cleared the merger on June 8, 2011, and it was completed on June 15, 2011.

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