Everybody knows that it’s good to be king. It’s especially good to be the king of private equity – a notion that Blackstone Group has proven once again with the planned sale of one of its portfolio companies, Pinnacle Foods, the maker of Birds Eye frozen vegetables, Vlasic pickles, Mrs. Paul’s frozen fish and Wish Bone salad dressings. The buyer: Hillshire Brands, once the food products arm of Sara Lee, and the maker of smoked sausages, Ballpark franks and Jimmy Dean sausage products. It’s a deal that could be consummated in the frozen food aisle, and it will make Blackstone a cool profit.
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