Tyson Foods To Sell Sara Lee, Van's To Kohlberg & Co. For Undisclosed Term

(RTTNews) - Tyson Foods, Inc. (TSN) announced that it has agreed to sell its Sara Lee® Frozen Bakery and Van's® businesses to private equity firm Kohlberg & Company for undisclosed term. Rothschild & Co is acting as Tyson Foods' financial advisor on the sale.

The sale includes the Chef Pierre®, Bistro Collection® and Van's® brands, and a license to use the Sara Lee® brand in certain channels. The deal also includes the sale of the company's Tarboro, N.C. and Traverse City, Mich. prepared foods facilities and a sales office in Canada. The 1,160 team members employed at the two facilities and sales office are expected to keep their positions with the new company.

Kohlberg is partnering with C.J. Fraleigh, who will join as Executive Chairman at closing. Fraleigh, a long-time consumer products executive with over 30 years of experience, previously served as CEO of Sara Lee - North America.