June 29/Minnetonka, Minn./PRNewswire -- Michael Foods Inc. announced that its parent, Michael Foods Group Inc., closed a previously announced transaction under which its owners, affiliates of Thomas H. Lee Partners, L.P. (THL) and certain current and former members of management, sold Michael Foods to affiliates of GS Capital Partners. The transaction values Michael Foods at approximately $1.7 billion.
Michael Foods is a multinational producer and distributor of food products to the foodservice, retail and food ingredient markets. Its principal products are specialty egg products, refrigerated potato products, cheese and other dairy-case products. THL, which acquired Michael Foods in 2003, will retain an ownership stake of approximately 20% as part of the transaction.