November 16, 2018
FaegreBD Represents Schwan’s Company in $1.8 Billion Sale to CJCJ
Press Release
Faegre Baker Daniels is representing Schwan’s Company in its agreement to sell an 80 percent stake of the company to South Korean-based CJ CheilJedang (CJCJ) for $1.8 billion. The deal is expected to close in the first quarter of 2019.
Based in Minnesota, Schwan’s Company is a leading U.S. manufacturer and marketer of quality foods offered through home-delivery, retail-grocery and food-service channels. The Schwan family will retain 20 percent ownership in the businesses being sold to CJCJ and will also retain 100 percent ownership in Schwan’s Home Service, Inc., which represents the legacy home-delivery business that Marvin Schwan launched in 1952.
CJCJ is the core subsidiary in charge of the food and bioengineering business sectors of the CJ Group. It has led the development of the Korean food industry for the past 60 years and contributed to the development of the bioengineering industry as the nation’s top food company. Launched in 1953 as a food ingredient company, CJCJ has expanded its business to processed foods.
The FaegreBD team representing Schwan’s Company includes Morgan Burns, Matt Kuhn, Kate Sherburne and Devon Steinmeyer. Piper Jaffray & Co. is serving as the financial advisor to Schwan’s Company.
More information can be found in Schwan’s Co.’s press release.
Based in Minnesota, Schwan’s Company is a leading U.S. manufacturer and marketer of quality foods offered through home-delivery, retail-grocery and food-service channels. The Schwan family will retain 20 percent ownership in the businesses being sold to CJCJ and will also retain 100 percent ownership in Schwan’s Home Service, Inc., which represents the legacy home-delivery business that Marvin Schwan launched in 1952.
CJCJ is the core subsidiary in charge of the food and bioengineering business sectors of the CJ Group. It has led the development of the Korean food industry for the past 60 years and contributed to the development of the bioengineering industry as the nation’s top food company. Launched in 1953 as a food ingredient company, CJCJ has expanded its business to processed foods.
The FaegreBD team representing Schwan’s Company includes Morgan Burns, Matt Kuhn, Kate Sherburne and Devon Steinmeyer. Piper Jaffray & Co. is serving as the financial advisor to Schwan’s Company.
More information can be found in Schwan’s Co.’s press release.
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