Egg producer Michael Foods seeks to be sold
Michael Foods asks owner to help prepare for an auction with a possible price exceeding $2 billion
Michael Foods, a food and egg processor based in Minnetonka, Minn., could be up for sale with a price tag of more than $2 billion. Michael Foods is owned by GS Capital Partners, a private equity affiliate of the Goldman Sachs Group.
Michael Foods, whose egg product brands include All Whites, Better'n Eggs, Papetti's and Abbotsford Farms, has asked Goldman Sachs' banking unit and Bank of America Merrill Lynch to help prepare for an auction of Michael Foods, according to Reuters.
GS Captial Partners purchased Michael Foods in 2013 for $1.7 billion from Thomas H. Lee Partners. Michael Foods' operation includes 11.3 million laying hens and has an annual revenue of $1.7 billion.