Tyson Foods has signed a definitive agreement to sell its Specialty Brands subsidiary to Fremont Partners, a San Francisco based private equity firm

Food & Drink Weekly, Sept 23, 2002

Tyson Foods has signed a definitive agreement to sell its Specialty Brands subsidiary to Fremont Partners, a San Francisco based private equity firm. Specialty Brands is a producer, processor and marketer of frozen food products, under brand names that include Jose Ole, Rotanelli, Posada, Little Juan and Butcher Boy.

Specialty Brands has manufacturing sites in New York, Missouri, Texas, New Mexico, and California, and is headquartered in Ontario, California. With about 1,650 employees, the firm had sales of about $300 million in fiscal year 2001. Terms of the transaction were not disclosed. Subject to potential purchase price adjustments at closing, the sale is expected to result in a pre-tax gain of up to $25 million. Closing is contingent on customary closing conditions, including approval under the Hart- Scott-Rodino Antitrust Improvements Act.