Michael Foods, Inc., Minnetonka, Minn., announced that Post Holdings, Inc., St. Louis, intends to acquire the company and its related entities for $2.45 billion. The acquisition is expected to be completed in the second quarter of 2014, subject to customary closing conditions.
Michael Foods is a leading packaged goods company providing value-added food products and service solutions to customers in the foodservice, retail and food ingredient channels. It holds leading market positions in each of its three segments and produces a broad range of value-added egg products, potato products and cheese and dairy-case foods. Michael Foods' brands include Papetti's, Crystal Farms, AllWhites, Simply Potatoes, Abbotsford Farms and Eggland's Best (under license). Michael Foods is currently owned by an investor group that includes affiliates of GS Capital Partners, Thomas H. Lee Partners and other investors.