Pinnacle Foods Files for $100 Million Initial Public Offering
Pinnacle Foods Inc., the maker of Hungry Man dinners and Birds Eye frozen vegetables, filed to raise $100 million in a U.S. initial public offering.
The Parsippany, New Jersey-based company announced the plans in a regulatory filing today, without saying how many shares it will sell or at what price. The offering size is a placeholder used to calculate registration fees and may change.
The foods producer, owned by Blackstone Group LP, had decided to delay the IPO until 2013 because of slumping consumer sentiment, people familiar with the situation said earlier this year. Pinnacle may benefit from higher share-price valuations next year, after the Standard & Poor’s 500 Index (SPX) has gained more than 12 percent since early June.
Blackstone bought Pinnacle for $2.2 billion about five years ago, and combined the company with Birds Eye Foods Inc. in 2009 with a $1.3 billion acquisition. Barclays Plc and Bank of America Corp. are managing the IPO.
Sales at Pinnacle slipped less than 1 percent to $1.77 billion in the nine months through Sept. 23 compared with the year-earlier period, while net earnings fell 78 percent to $8.9 million, according to the filing.
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