Davis Polk & Wardwell LLP is advising H.J. Heinz Company on its acquisition of Foodstar from Transpac Industrial Holdings Ltd., a private equity holding company, and various Transpac Funds. The purchase price consists of a cash payment at closing of $165 million and an earn-out potentially payable in 2014 based on the performance of the business. The transaction is subject to regulatory approval in China and other customary conditions.
H.J. Heinz Company is one of the world’s leading marketers and producers of healthy, convenient and affordable foods specializing in ketchup, sauces, meals, soups, snacks and infant nutrition. Foodstar is a leading manufacturer of soy sauces and fermented bean curd in China.
The Davis Polk corporate team includes partner John A. Bick and associates Mark P. Holloway and Andrew M. Delia. The tax team includes partner Kathleen L. Ferrell and associate Catherine P. Tennant. The Hong Kong team includes partner Mark J. Lehmkuhler and counsel Yixin (Christine) Chen. Partner Edmond T. FitzGerald and associate Chaoyuan Charles Shi are providing benefits advice. Except as noted above, all members of the Davis Polk team are based in the New York office.
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