ZURICH Jan 6 Nestle said it would
sell its U.S.-based frozen pasta business, Joseph's Pasta, to
private equity firm Brynwood Partners VII LP as part of a drive
to clean up its portfolio.
"We can confirm the divestiture of Joseph's Pasta," a
spokesman for the world's biggest food group said in an emailed
statement on Monday without giving details of the transaction.
Headquartered in Haverhill, MA, Joseph's pasta employs more
than 300 people.
Nestle, the maker of KitKat chocolate bars and Maggi soups,
said in October it would dispose of underperforming businesses
to slim down its sprawling portfolio which spans from bottled
water to baby food.
The global food company with headquarters in Vevey on lake
Geneva has since announced the disposal of the bulk of its Jenny
Craig weight-loss business. It also sold a 10 percent stake in
fragrance and flavour maker Givaudan for over a
billion Swiss francs.
Brynwood Partners said last month it had acquired the
SnackWell's cookies and snacks business from Mondelez via its
portfolio company Back to Nature Foods.
Nestle acquired Joseph's Pasta in 2006. It also bought Kraft
Food's frozen pizza business in 2010.
Frozen foods are a multi-billion dollar business for Nestle
in the U.S. with its Stouffer's, Lean Cuisine and Hot Pockets
brands. Nestle's total global sales of frozen and chilled foods
amounted to 8.05 billion Swiss francs ($8.90 billion) in 2012.