Thomas H. Lee Partners and an Affiliate of Goldman Sachs to Acquire CTI Foods

  Thomas H. Lee Partners and an Affiliate of Goldman Sachs to Acquire CTI
  Foods

Business Wire

BOSTON & NEW YORK & WILDER, Idaho -- May 09, 2013

Thomas H. Lee Partners, L.P. ("THL"), a leading private equity firm, and an
affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), today announced they have
signed a definitive agreement under which THL  and Goldman Sachs will acquire
CTI Foods, (“CTI”) from Littlejohn & Co., LLC.

With corporate offices in Fort Worth, Texas and Wilder, Idaho, CTI is a
leading independent provider of custom food solutions to major chain
restaurants in North America. Products that the Company supplies include
value-added proteins, soups and dressings. With a focus on flavor and menu
innovation, CTI partners with its clients to create custom culinary products
that provide its customers a competitive edge. CTI has well-established and
long-standing relationships with major quick service and casual dining chains
in the U.S. and has a strong track record of innovation. CTI Foods has a
national footprint, with seven state-of-the-art food processing facilities
located in Idaho, California, Kentucky, Pennsylvania and Texas.

“We at CTI Foods are excited to announce this partnership with THL and Goldman
Sachs. In the past years, CTI has steadily expanded through organic growth,
targeted and strategic acquisitions, and a commitment to R&D and innovation.
The company has a compelling growth path and a well-defined offering of
value-added food products. As we look to the next phase of our growth, we
couldn’t be more pleased to be partnering with THL and Goldman Sachs,
investors who share our commitment to our customers, and bring exceptional
financial and industry expertise that will help propel us to the next level,”
said Robert (“Bobby”) Horowitz, Chief Executive Officer of CTI.

“Bobby and the team at CTI Foods have created an outstanding company with a
well-deserved reputation for quality, innovation, and customer service. CTI
has demonstrated a track record of robust growth and has consistently
developed strong partnerships with its customers. We are extremely pleased to
have the opportunity to invest in the Company and partner with its first class
management team and employees,” said Jeff Swenson, Managing Director at THL.

“CTI is a leader in the custom food solutions industry and management has done
an excellent job accelerating its growth trajectory,” said Nicole Agnew,
Managing Director at Goldman Sachs. “We are excited to bring additional
support and resources to position the Company to continue its successful
development.”

Goldman, Sachs & Co. acted as Financial Advisor and Weil, Gotshal & Manges
acted as Legal Advisor to THL and Goldman Sachs. Morgan Stanley acted as
Financial Advisor and Gibson, Dunn & Crutcher acted as Legal Advisor to
Littlejohn and CTI. Affiliates of Morgan Stanley and Goldman Sachs provided
commitments for the debt financing for the transaction.

The transaction is expected to close in the second quarter of 2013.

About Thomas H. Lee Partners

Thomas H. Lee Partners, L.P. ("THL") is one of the world's oldest and most
experienced private equity firms. The firm invests in growth-oriented global
businesses, headquartered principally in North America, across three broad
sectors: Consumer & Healthcare, Media & Information Services and Business &
Financial Services. THL's team of investment and operating professionals
partner with portfolio company management teams to identify and implement
business process improvements that accelerate sustainable revenue and profit
growth. Since its founding in 1974, THL has raised approximately $20 billion
of equity capital and invested in more than 100 businesses with an aggregate
purchase price of more than $150 billion. THL strives to build great companies
of lasting value and generate superior investment returns. For more
information, please visit www.thl.com.

About Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global investment banking,
securities and investment management firm that provides a wide range of
financial services to a substantial and diversified client base that includes
corporations, financial institutions, governments and high-net-worth
individuals. Founded in 1869, the firm is headquartered in New York and
maintains offices in all major financial centers around the world. For more
information on Goldman Sachs, please visit www.gs.com.

Contact:

Media Contacts
For Thomas H. Lee Partners
Sard Verbinnen & Co
Matt Benson / Robin Weinberg, 212-687-8080
or
For Goldman Sachs
Andrea Raphael, 212-357-0025
 
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