Tyson finds buyer for Sara Lee, Van’s bakery businesses

Tyson Foods has agreed to sell its Sara Lee Frozen Bakery and Van’s businesses to private equity firm Kohlberg & Company.

The sale includes the Chef Pierre, Bistro Collection and Van’s brands, and a license to use the Sara Lee brand in certain channels, according to Friday’s (June 1) announcement. Terms of the deal were not disclosed.

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 employees at the two facilities and sales office are expected to keep their positions with the new company.

“These are great assets with outstanding team members; however, we’re focused on expanding Tyson Foods’ leadership position in protein,” said Sally Grimes, Tyson Group President, Prepared Foods. “We believe these brands and facilities will do well as part of Kohlberg, which has extensive experience buying and growing businesses.”

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

Rothschild & Co is acting as Tyson Foods’ financial advisor on the sale.