Pinnacle Foods

Pinnacle Foods, Inc.
Public
Traded as NYSE: PF
Industry Food processing
Founded 1998 (as Vlasic Foods International)
Headquarters Parsippany, New Jersey, U.S.
Key people
 Roger Deromedi, Chairman
Mark A. Clouse, CEO
Craig Steenek, CFO
Christopher Boever, EVP, CCO
Mary Beth DeNooyer, EVP, CHRO
Antonio Fernandez, EVP, CSCO
M. Kelley Maggs, Secretary, General Counsel
Mark Schiller, EVP, President North America Retail
Products Frozen food, Condiments, Baking mixes, Packaged meat
Revenue $2.5 billion USD(2010)
Number of employees
 4,000
Website www.pinnaclefoods.com

Pinnacle Foods, Inc., is a packaged foods company, headquartered in Parsippany, New Jersey, that specializes in the shelf stable and frozen food categories.

The company was founded in 1998 as Vlasic Foods International, acquiring the Swanson TV dinners, Open Pit and Vlasic Pickles brands from the Campbell Soup Company. In March 2004, it acquired Aurora Foods, based in St. Louis, Missouri.[1] In 2009, Pinnacle Foods acquired Birds Eye Foods, Inc.

History

Aurora Foods was founded by Ian Wilson, a former executive with Coca-Cola and Dole, in 1995. Wilson used the company to purchase the Van de Kamp seafood brand from Pillsbury and several other brands as the years progressed.[2]These brands were in many cases market leaders, but the parent companies no longer considered them a part of their core marketing strategy, and refused to spend any more money on new marketing and development.

In 2001, Wilson and other Aurora executives pleaded guilty to securities fraud for misrepresenting the company's financial statements. Wilson was sentenced to 33 months in prison and was fined US$1 million.[3]

In 2000, Jim Smith, a former executive with ConAgra, was named CEO and was charged with restoring Aurora Foods to health.[4] He remained until 2002, which set events in motion leading to Aurora's acquisition. After the 2004 merger with Pinnacle Foods, Pinnacle closed the St. Louis offices, moving its operation to Cherry Hill, New Jersey.[1]

In 2007, Pinnacle Foods was acquired by the Blackstone Group, a private equity firm based in New York City, for $2.16 billion.[5]

In 2009, the Swanson brand was discontinued in the U.S., but is still in use in Canada. In 2009, Pinnacle Foods acquired Birds Eye Foods, Inc. adding a mix of frozen and specialty brands to its portfolio.

In 2013, Pinnacle Foods' Parsippany office was named Inc. Magazine's World's Coolest Office.[6]

In 2013, Pinnacle Foods had its IPO on the New York Stock Exchange, raising approximately $580 million for its owners, the private equity Blackstone Group. Shares began trading under the ticker symbol PF on 4 April 2013 at the upper range of its offering, $20 per share, thereby valuing Pinnacle Foods with a market capitalization of $2.3 billion.[7]

Pinnacle Foods is a Top 1000 Company ranked on Fortune Magazine's 2011 Top 1000 companies list.

In May 2014, Hillshire Brands announced it was buying Pinnacle Foods for $4.23 billion in a cash and stock deal. Hillshire Brands portfolio includes Jimmy Dean, Ball Park, and Sara Lee among many others.[8]

On June 30, 2014, it was announced that Pinnacle Foods had scrapped its sale to Hillshire Brands, which would allow Hillshire to be acquired by Tyson Foods. Pinnacle will receive a $163 million payment as part of the breakup from Hillshire, and Pinnacle will also receive an expected $25 million in one-time costs connected to the scotched sale.[9][10]

In November 2014, Pinnacle Foods announced it would acquire the plant-based protein food maker Garden Protein International Inc for a fee of $154 million.[11]

In November 2015, Pinnacle Foods announced it would be acquiring Boulder Brands for around $710 million, as part of the company’s strategy to expand its health and wellness services.[12]

In March 2016, it was announced that CEO Robert Gamgort would be leaving Pinnacle to be the new CEO of Keurig Green Mountain.[13]

Brands

References

  1. 1 2 "Aurora Foods emerges from bankruptcy, completes merger". St. Louis Business Journal. 22 March 2004. Retrieved 10 July 2015.
  2. ↑ "Van de Kamp's business sold". Advertising Age. July 13, 1995. Retrieved May 25, 2016.
  3. ↑ "Ex-CEO sentenced for securities fraud". Chicago Tribune. November 10, 2002. Retrieved May 25, 2016.
  4. ↑ McCown De Leeuw & Co. - Mission
  5. ↑ Pinnacle Foods acquired by Blackstone
  6. ↑ http://www.inc.com/worlds-coolest-offices
  7. ↑ http://www.nytimes.com/2013/03/28/business/pinnacle-foods-prices-shares-at-high-end.html?_r=0
  8. ↑ "Hillshire Brands Buying Pinnacle Foods for $4.23B". ABCNews.go.com. ABC News. May 12, 2014. Retrieved May 12, 2014.
  9. ↑ "Pinnacle Foods Lets Hillshire out of Sale Pact". ABC News. Associated Press. 30 June 2014. Retrieved 30 June 2014.
  10. ↑ Team, Trefis. "Hillshire Brands Moves To End Pinnacle Deal In Light Of Tyson Foods' Offer". Forbes. Forbes. Retrieved 30 June 2014.
  11. ↑ Pinnacle Foods to buy Canadian protein foods maker Garden. Reuters, 14 November 2014
  12. ↑ "Pinnacle Foods to buy Boulder Brands to boost health offerings". Reuters. 24 November 2015.
  13. ↑ "Pinnacle Foods CEO Robert Gamgort to head Keurig Green Mountain". USA TODAY. Retrieved 2016-03-23.
  14. ↑ Pinnacle Foods to buy Unilever's Wish-Bone salad dressing business

External links

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