It also said it plans to keep its headquarters in San Francisco. In September, Del Monte cut its full-year sales forecast due to higher rebates paid to retailers to spur consumer spending. In July, Del Monte first cut its sales estimates for the year, citing a shift in marketing spending toward trade promotions. While the junk bond markets have recovered from their lows during the financial crisis, private equity firms are still unable to raise the money needed to strike giant leveraged buyouts.
Banks and private equity firms are still discussing how to complete larger deals. The deal is expected to close in March, although under the provisions of a so-called go-shop period, the company will have until Jan. A deal for Del Monte represents another trip into private ownership and a return to the fold of KKR, still led by two of its founders, Henry R. Kravis and George R. Del Monte passed through other ownership changes before being taken public by TPG in Vestar, based in New York, has long been active in consumer deals.
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