Blackstone-owned Pinnacle buys Birds Eye for $1.3B

MOUNTAIN LAKES, N.J. (AP) — Packaged foods company Pinnacle Foods Group says it's buying frozen-vegetable company Birds Eye Foods for $1.3 billion.

Pinnacle, owned by investment company Blackstone Group, says the purchase gives it access to new food categories and strengthens its financial position.

Birds Eye is based in Rochester, N.Y. It is owned by a holding company controlled by Vestar Capital Partners, Pro-Fac Cooperative and Birds Eye management.

Brands include its namesake Birds Eye and Comstock and Wilderness pie fillings and toppings.

Pinnacle's brands include Duncan Hines baking mix, Vlasic pickles and Mrs. Butterworth's syrup.

The transaction is expected to close no later than the first quarter of 2010.