Private equity firm Advent International Corp. will buy a majority stake in Fort Dearborn Co., a maker of food labels for companies including Del Monte Pacific Ltd.
Advent is acquiring buyout firm KRG Capital’s stake in the business, according to a statement from the companies on Thursday. No terms were disclosed.
Carlyle Group LP and CCMP Capital Advisors were among other firms bidding for the Elk Grove, Illinois-based company, people familiar with the matter said in June. Final bids were expected to value Fort Dearborn at about $800 million, the people said.
“Fort Dearborn is a leading player in the large, fragmented labels market,” Kevin Feinblum, a managing director at Advent, said in the statement. “The company has completed four acquisitions since 2013, and we believe it is well-positioned to add further capabilities.”
The label maker, which can trace its origins back to 1925, has been owned by KRG since 2010. KRG has backed the company with a series of bolt-on acquisitions, according to the company’s website. It unsuccessfully tried to offload Fort Dearborn last year.
The company also counts Dove Cosmetics, Red Rock Brewing and Slim-Fast Foods Co. among its clients, according to its website.