Deals this week: Kellogg Company, Dean Foods Company, CUROHOLDINGS

Kellogg Company has announced plans to raise €600m ($683.63m) through a public offering, which is expected to be closed on 19 May.

The American food manufacturer is offering senior unsecured notes due 2024 with a coupon rate of 1% per annum, payable annually and with an expected yield to maturity (YTM) of 1.071%.

The proceeds from the offerings will be used to refinance a $750m senior unsecured notes offering due this May.

The ice cream division of Friendly Ice Cream Corporation will be acquired by Dean Foods Company in a $15m all-cash transaction. The deal is subject to regulatory approvals and other closing conditions and expected to be completed in the second quarter of this year.

As part of the transaction, Friendly’s trademark and ice cream business-related intellectual property will be acquired by Dean Foods, while an affiliate of Sun Capital Partners will operate the family-dining restaurant business.

The Friendly Ice Cream Corporation will continue production from its Wilbraham facility and retain its senior management.

CUROHOLDINGS plans to secure an investment by offering 388,470 shares of common stock through private placement at a price of KRW1,995 ($1.69) a share.

The South Korean company plans to raise KRW774.997m ($0.66m) through the offering.

The company is primarily engaged in coffee distribution, but its business is segmented into three divisions, namely coffee distribution, semi-conductor testing equipment and resource development.

Krispy Kreme Doughnuts and JAB Beech have entered a definitive merger agreement to acquire Krispy Kreme Doughnuts for approximately $1.35bn at the price of $21 a share. The deal is expected to be completed in the third quarter and subject to regulatory and shareholder approvals.

Krispy Kreme will continue its operations from its facility in Winston-Salem, North Carolina, as an independent entity. The company intends to grow its brand globally through the transaction.

JAB Beech is an indirectly held subsidiary of investment group JAB Holding Company, with BDT Capital Partners being a minority investor in the arrangement.

A majority stake in Diedrich Roasters, a global coffee roasting equipment manufacturer, has been acquired by private equity firm, City Capital Ventures in a transaction for which KeyBank National Association acted as senior term loan and credit facility provider to City Capital Ventures.

Diedrich Roasters will continue to function independently as part of the transaction and will continue to be led by its CEO Michael Paquin.

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Image: Dean Foods Company will acquire the ice cream business of Friendly Ice Cream Corporation in a $15m transaction. Photo: courtesy of Lotus Head via wikimedia.