Blackstone-backed Pinnacle Foods boosts IPO size
(Reuters) - Packaged foods maker Pinnacle Foods Inc, backed by private equity firm Blackstone Group LP (BX.N), raised the proposed size of its initial public offering of common stock to as much as $632.5 million.
The company, which owns the popular Birds Eye and Duncan Hines brands, filed a placeholder amount of $100 million when it first filed to go public in December.
After a slump in public offerings, U.S. equity markets are approaching record highs and bankers are rushing to take large companies public to take advantage of investor demand.
Both Pinnacle Foods and homebuilder Taylor Morrison Home Corp, which is also backed by Blackstone, are being queued up to go public as soon as this month, according to sources familiar with the deals.
Pinnacle Foods, which was acquired by Blackstone in April 2007, manufactures branded food products in North America and had net sales of $2.5 billion in fiscal 2012.
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