Kraft sells Canadian cheese brands in $1.62 billion deal

Kraft sells Canadian cheese brands in $1.62 billion deal

The deal should close in the second half of 2019. James L. Kraft began the business selling cheese from the back of a wagon in Chicago, Illinois.

In another press release, Kraft, Heinz stressed that he would remain owner of other brands such as Philadelphia, Cheez Whiz and Kraft Singles, produced in Quebec.

The evolv group will operate independent of Kraft Heinz's larger VC fund, Evolv Ventures.

As Kraft Heinz previously told FoodNavigator-USA, Evolv Ventures will be working with startups in the food industry targeting four areas: food tech around food production, operations tech (i.e. supply chain, logistics, etc), consumer data and marketing, and finally new models such as direct-to-consumer and e-commerce.

In a release, Kraft Heinz said it will use the proceeds of the transaction primarily to pay down debt.

RBC Capital Markets served as exclusive financial adviser to Kraft Heinz Canada, while Fasken Martineau DuMoulin LLP served as legal advisers.

The month of November has, in some respects, been a trying one for the Kraft Heinz Company. A globally trusted producer of delicious foods, The Kraft Heinz Company provides high quality, great taste and nutrition for all eating occasions whether at home, in restaurants, or on the go. The business generated about $560 million in net sales in 2017. More than 26,000 people work at Parmalat's facilities in Europe, the Americas, Africa and Oceania.

Parmalat's Canadian business includes almost 3,000 employees, 16 dairy processing plants, and a research and development facility. These forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties, many of which are hard to predict and beyond Kraft Heinz's control.

"If approved, the transaction will both secure and grow cheese production in Canada and make Parmalat Canada a more competitive company which in turn will help protect jobs and support dairy farm incomes", Parmalat said.

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