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Current Position:Home » News » Processed Foods » Bakery & Cereals » Topic

Michael Foods reportedly considering over $2bn sale

Zoom in font  Zoom out font Published: 2013-12-20  Views: 40
Core Tip: US-based food processor Michael Foods Group, which is owned by a private-equity affiliate of Goldman Sachs Group, is reportedly exploring for a possible sale in an effort to fetch over $2bn.
US-based food processor Michael Foods Group, which is owned by a private-equity affiliate of Goldman Sachs Group, is reportedly exploring for a possible sale in an effort to fetch over $2bn.

The company is preparing detailed financial report for potential buyers, and has asked Bank of America Merrill Lynch and Goldman Sachs' investment banking unit to help in the process, reported Reuters.

In 2010, GS Capital Partners has acquired Michael Foods for $1.7bn from Thomas H. Lee Partners.

The company, which produces AllWhites Egg Whites and markets Crystal Farms cheese, has generated adjusted EBITDA of $188m for the nine months ended 28 September 2013, which is an increase of 7.2% compared to the same period last year.

Michael Foods is on target to hit EBITDA of about $250m for the full year.

 
 
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