You are here
NEW YORK - J.P. Morgan Partners has teamed with C. Dean Metropoulos to buy the Aurora Foods Inc. and Bakery Chef firms.
Earlier this month the two teamed up to purchase Pinnacle Foods, the maker of Swanson TV Dinners and Vlassic pickles, for $485 million.
St. Louis-based Aurora agreed in July to file a pre-negotiated bankruptcy that values the company at $925 million. As part of the plan, Aurora agreed to sell itself, but the company has not yet filed for bankruptcy. In its plan, J.W. Childs Associates LP, a private equity firm, would gain a majority stake in Aurora and invest $200 million in equity. J.P. Morgan/Metropoulos seek to top that offer.
Aurora's brands include Duncan Hines cake mixes, Lenders bagels, Aunt Jemima frozen foods, Celeste pizza, and Mrs. Butterworth's pancake syrup.
The team also bid $250 million for Bakery Chef, which supplies bakery products to McDonald's.