The shareholders of Schwan’s Company sold a majority stake of the company to South Korean-based CJ CheilJedang (CJCJ) for $1.68 billion. Faegre Baker Daniels represented Schwan’s in the deal.
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 retained a minority stake ownership in the businesses being sold to CJCJ and retained 100% 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.