Food Business News - June 7, 2011 - (Page 48)

Buyout firm to acquire California Pizza Kitchen LOS ANGELES — Golden Gate Capital Corp. has agreed to acquire California Pizza Kitchen Inc. for $18.50 per share, or approximately $470 million. The purchase price represents an 11% premium to the closing price of $16.71 on May 24, the day before the acquisition was announced. The transaction is expected to close in the third quarter of this year. Founded in 1985 by co-chief executive officers Larry Flax and Richard Rosenfield, California Pizza Kitchen operates 265 restaurants and has a licensing arrangement with Nestle USA to manufacture and distribute a line of California Pizza Kitchen frozen products. The company began reviewing strategic options in February 2010 with Moelis & Co. “This announcement represents a very positive outcome for our stockholders, and we believe it is also a great development for our employees, guests and business partner to its portfolio companies, and we believe that its significant commitment and experience in the sector will benefit all of our stakeholders.” Josh Olshansky, managing director with Golden Gate Capital, said California Pizza is “an ideal fit with our longterm oriented approach to investing.” “We are very pleased to partner with the company to continue to invest in the business for the benefit of all its guests, employees and partners,” Mr. Olshansky said. Under the terms of the agreement, an affiliate of Golden Gate Capital will commence a tender offer for all of the outstanding shares of California Pizza no later than June 8. Golden Gate’s portfolio also includes Romano’s Macaroni Grill and On The Border Mexican Grill & Cantina. FBN partners,” Mr. Flax and Mr. Rosenfield said. “We are very excited as we open a new chapter in the very successful history of CPK. Golden Gate Capital is a leading investor in the restaurant industry, with a proven track record as a value-added Frutalose® SF75 48 “SUGARS OUT....FIBER IN”™ FOODBUSINESS NEWS ® June 7, 2011

Table of Contents for the Digital Edition of Food Business News - June 7, 2011

Food Business News - June 7, 2011
House bill cuts food safety funding
Enhancing water’s value
Wet weather muddies corn outlook
Web Contents
Editorial - Quest for ‘whole truth’ on food prices in France
MyPlate steps up in simple fashion
Breaking down MyPlate by food groups
Lawmakers look to halt sale of Lazy Cakes
McCormick to enter joint venture in India
Cal Pacifi c acquires SunOpta frozen fruit assets
Cargill Kitchen Solutions expanding in Iowa
F.M.I. hires new v.p. of food safety programs
Sealed Air to acquire Diversey for $4.3 billion
AdvancePierre Foods buys Barber Foods
Cargill acquires German chocolate business
Calavo to buy Renaissance Food Group
U.S. Foodservice acquires Great Western Meats
Clear sailing for Hain
Seneca Foods earnings down sharply in 2011
April red meat production down 4% from year ago
Sbarro now exploring alternatives to bankruptcy plan
Sherman Miller promoted to c.o.o. at Cal-Maine Foods
Nestle Health Science to acquire pharmaceutical maker
Emerging markets propel Heinz’s fi scal 2011 earnings
U.S.D.A. lowers cooking temp for some meat cuts
Campbell Soup focusing on volume sales, brand building
Buyout fi rm to acquire California Pizza Kitchen
Sanderson Farms suffers second-quarter loss
Wet weather muddies corn outlook
House bill cuts food safety funding
House panel seeks reduction in W.I.C. funding in fiscal 2012
Seeking middle market opportunities
Clear and concise
Ingredient solutions help keep it simple
Identifying natural partners for stevia
$tevia $upplier$ $eek profi t$ through international growth
Brain health for baby boomers
Bottled water volume, market share grew in 2010
Study recommends children should avoid energy, sports drinks
V8 introduces energy beverages
Smucker, Starbucks raising coffee prices
Nestle launches Aguas Frescas bottled beverage
Jamba introduces coconut water-based beverages
Enhancing water’s value
Gluten-free grains momentum
Balance Bar adds Café line
Pasta Prima launches two ravioli lines
Land O’Frost debuts Wrap Kit
Franz introduces artisan bread
Kraft launches Newtons Fruit Thins
Farley’s & Sathers adds ‘Splashers’
Häagen-Dazs introduces 2011 flavors
Mars updates Kudos granola bar line
Lifting of Russian export ban pressures world wheat market
Ingredient Markets
Packaging formats focus on convenience
Technology enables ultrasonic sealing
Ingredient’s small size aids in salt reduction
AKFP now offers arrowroot starch, pea starch
Tate & Lyle to resume U.S. sucralose production
Non-dairy ingredients achieve pareve certifi cation
Ad Index
Food Business in the News

Food Business News - June 7, 2011