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Pinnacle closes $575M Wish-Bone acquisition from Unilever

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Pinnacle CEO Bob Gamgort, center, with the company's leadership, rings the opening bell to celebrate the company's IPO.
Pinnacle CEO Bob Gamgort, center, with the company's leadership, rings the opening bell to celebrate the company's IPO. - (NYSE)

Parsippany-based Pinnacle Foods announced Tuesday it has completed its acquisition of the Wish-Bone brand from Unilever PLC in a $575 million cash transaction. The deal is subject to a customary post-closing inventory adjustment.

According to the announcement, the acquisition was funded through a combination of cash on hand and new debt. The new debt consists of a $525 million term loan, due 2020. In making the announcement, Pinnacle reaffirmed its outlook for Wish-Bone to be $0.01-$0.02 accretive to EPS in the fourth quarter of fiscal 2013. In addition, Pinnacle also reaffirmed its consolidated EPS outlook for the full year of $1.53-$1.57.

The company first announced the acquisition in August.

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