PICKLE OF A DEAL
H.J. Heinz Co., Pittsburgh, PA, acquired the Vlasic pickle and Open Pit barbecue brands for $195 million from Cherry Hill, NJ-based Vlasic International, which declared bankruptcy shortly before the deal was announced. Vlasic, which has struggled to pay down debt after spinning off from Campbell Soup Co. three years ago, will also sell its Swanson frozen-food brand.
BUY BUY
Best Buy Co., Eden Prairie, MN, closed its $425 million purchase of Minnetonka, MN-based Musicland Stores Corp., parent company of the Sam Goody, Media Play, Suncoast, and On Cue retail chains. Best Buy senior vp Kevin Freeland was named Musicland president. The company assumed $260 million in debt as part of the acquisition.
CONAGRA HEADS NORTH
ConAgra Foods, Omaha, NE, acquired Artel Inc., Boisbriand, Quebec, a manufacturer of frozen pizzas and corn dogs. John Geminara will continue to lead Artel as president.
SOUTH OF THE BORDER
DraftWorldwide, Chicago, extended its reach in South America by purchasing Creactiva, an integrated marketing agency based in Santiago, Chile. The agency, a past winner of PROMO'S World PRO Awards of Excellence, will add DraftWorldwide to its name.
CONSOLIDATION IN CHEESELAND
Milwaukee-based Kubin-Nicholson Corp., a large format printer, signed an agreement to acquire the Milwaukee display division of The NorthStar Print Group. The two companies will consolidate facilities.
PUFF PIECES
Minneapolis-based General Mills, reached an agreement with International Multifoods, Minnetonka, MN, to acquire a variety of businesses including Pillsbury and General Mills dessert and baking products, Hungry Jack potato mix and breakfast SKUs, and the Robin Hood baking line in the U.S. in a $305 million deal that should pave the way for FTC approval The Mills's merger with Pillsbury.
