Packaged-food company Pinnacle Brands Corp., owned by New York-based Blackstone Group (BX), is expected to acquire U.S. frozen-vegetable and meals company Birds Eye Foods for more than $1.3 billion, the Wall Street Journal reported Thursday citing people familiar with the matter. The all-cash deal is likely to be announced as soon as Thursday. Financing details were not available, the report said.
Blackstone, a provider of alternative asset management and financial advisory services, acquired New Jersey-based Pinnacle in 2007 for $2.2 billion.
Birds Eye, based in Rochester, New York is majority owned by the private-equity firm Vestar Capital Partners, the WSJ stated. It is also 40% owned by New York-based agricultural cooperative Pro-Fac.
According to the report, Birds Eye, which carries about $700 million in long-term debt, was acquired by Vestar in 2002. The company has about 1,700 full-time employees and owns about 25% of the frozen-vegetable market in the US.
WSJ said that the deal signals private-equity funds' willingness to make more acquisitions after a tumultuous two-year period. Further, the purchase hints that lenders are willing to lend at higher leverage levels.
BX closed Wednesday's trading at $15.55, up $0.26, on a volume of 3.55 million shares.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.