Hillshire Brands makes natural move

The Hillshire Brands Company has signed a definitive agreement to acquire Catterton portfolio company Van’s Natural Foods. Van’s is a leading better-for-you food brand of frozen breakfast and snack foods.



Hillshire Brands will pay $165 million for Van’s, which is expected to have net revenues of approximately $60 million in calendar year 2014. The transaction is expected to close in May 2014 pending regulatory clearance.



“The Van’s brand is a terrific addition to our portfolio,” said Sean Connolly, president and CEO, The Hillshire Brands Company. “Not only does it expand our presence in the frozen category, it also gives us a proven health and wellness brand with extendibility beyond frozen.”



Van’s Natural Foods will become part of Hillshire Brands’ Retail segment, pairing with brands such as Jimmy Dean, Hillshire Farm and Ball Park. Van’s Natural Foods’ management will continue to lead the business.



“As a leader in branded foods including breakfast products, Hillshire Brands is an ideal strategic partner for Van’s,” said Eric Kufel, CEO, Van’s Natural Foods. “Our positioning in the large and growing wellness consumer lifestyle segment is a perfect complement to Hillshire Brands’ product portfolio. We are pleased to have worked with Catterton, which helped drive our significant growth and market expansion into multiple new categories. I am truly excited to be joining with Hillshire and beginning the next phase of Van’s growth journey.”



Van’s Natural Foods is based in Phoenix and is a leading simple/clean ingredient food brand in frozen breakfast and snack foods including waffles, pancakes, cereal, crackers and snack bars. Van’s frozen breakfast and snack foods are available at grocery stores, mass merchandise stores and natural food retailers nationwide.



Centerview Partners served as financial adviser and Stinson Leonard Street served as legal adviser to Hillshire Brands. Houlihan Lokey served as financial adviser and Gibson Dunn & Crutcher served as legal advisor to Van’s in connection with the transaction.