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IPO on the cards for Pinnacle Foods

This article was originally published in Foodnews

US FROZEN and packaged foods company, Pinnacle Foods Group, could be on the verge of an IPO, after its owner, Private equity firm, Blackstone Group, began interviewing banks to handle a possible flotation. Bloomberg reports that Blackstone has interviewed banks including Goldman Sachs Group, Barclays, Credit Suisse and Bank of America. According to unnamed sources, Blackstone plans to take Pinnacle public in the next two quarters, and an IPO would value the company at USD4-5 billion, the newswire says. Pinnacle, which was purchased by Blackstone in 2007, markets frozen ready meals and vegetables under brands including Birds Eye, Aunt Jemima and Hungry-Man, as well as snacks and bakery products and ambient packaged goods.

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