Michael Foods acquired for $1.7 billion

by Keith Nunes
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MINNETONKA, MINN. — Michael Foods, Inc., a producer and distributor of egg, potato, cheese and other dairy products, has been acquired by GS Capital Partners, a division of the Goldman Sachs Merchant Banking Division, in a transaction valued at approximately $1.7 billion. Thomas H. Lee Partners L.P., the seller, acquired Michael Foods in 2003.

“We’re pleased with the growth and performance milestones we have achieved over the past several years and appreciate the world-class strategic and operational support we have received from THL during that time,” said James E. Dwyer Jr., president and chief executive officer. “Looking ahead, we’re enthusiastic about our new partnership with GS Capital Partners. We believe Michael Foods will continue to build value by delivering innovative, high-quality products and outstanding service to our growing roster of customers.”

In addition to Mr. Dwyer, Michael Foods’ senior management team includes Mark Westphal, chief financial officer and senior vice-president; Thomas Jagiela, senior vice-president of operations and supply chain; and Carolyn V. Wolski, vice-president and general counsel.

“We are excited by the opportunity to partner with THL, Jim Dwyer and management in Michael Foods,” said Adrian Jones, managing director of GS Capital Partners. “We look forward to working with this team to build on the company’s leading market position in the egg category, and to pursue new opportunities for growth.”

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