Blackstone Group (BX), through its Pinnacle Brands Corp. unit, is expected to buy Birds Eye Foods, the largest frozen-vegetable company in the U.S., for more than $1.3 billion, the Wall Street Journal reported Thursday, citing people familiar with the matter. The report noted that the all-cash deal is likely to be announced as soon as Thursday.
Rochester, New York-based Birds Eye is majority owned by the private-equity firm Vestar Capital Partners. It is also 40% owned by Pro-Fac, a New York agricultural cooperative. Birds Eye has about 1700 full-time employees, and carries about $700 million in long-term debt.
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