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Tyson Foods, the No. 1 U.S. meat processor, said on Friday it would sell Sara Lee Frozen Bakery and three other non-protein brands to private-equity firm Kohlberg & Co., as the company sharpens its focus on its core business.
Tyson did not disclose the financial terms of the deal, which includes the sale of Chef Pierre, Bistro Collection and its breakfast brand Van’s.
“We’re focused on expanding Tyson Foods’ leadership position in protein,” Sally Grimes, group president of prepared foods unit, said in a statement.
The news comes a month after Tyson said it would buy poultry rendering and blending assets of American Proteins for about $850 million. Tyson also raised its stake in plant-based protein maker Beyond Meat late last year.
Rothschild & Co. was the company’s financial adviser on the sale of the brands.
Source – cnbc.com