KKR & Co. is in advanced discussions to acquire Del Monte Foods Co. in a deal that would give the New York buyout firm pet-food brands such as Meow Mix and Kibbles 'n Bits, according to two people familiar with the matter, the StarTribune reported Friday.
A deal may be reached in the coming weeks, said the people, who declined to be identified because the talks are private. The Financial Times reported that the parties are discussing a price of about $18.50 a share, valuing the company at $3.6 billion, according to the newspaper report.
Del Monte also has consumer food operations, including a plant in Sleepy Eye, Minn., that cans peas and corn. The company buys vegetables from 300 area growers who farm more than 26,000 acres, according to Del Monte's website. The Sleepy Eye plant employs 72 people, but during the processing season, up to 400 seasonal workers are needed.