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Michael Foods sold to GS Capital Partners
Thomas H. Lee Partners has sold Michael Foods Inc. to affiliates of GS Capital Partners for $1.7 billion. Michael Foods, based in Minnetonka, Minn., is the largest producer of egg products in North America and a multinational producer and distributor of food products to the foodservice, retail and food ingredient markets. Thomas Lee Partners acquired Michael Foods in 2003 and will retain a 20 percent ownership stake as part of the deal. Michael Foods also announced the retirement of Gregg Ostrander, 57, its executive chairman of the board of directors, and John D. Reedy, 64, its vice chairman. Both were former executives of the company. Ostrander has been chairman since 2001 and executive chairman since 2008. Reedy became vice chairman of its board in 2008. |
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Copyright 2008 Granite Hall Partners, Inc. All rights reserved. |
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