Chase Manhattan Bank will lead the financing for Aurora Foods Inc.'s planned acquisition of the Duncan Hines baking mix business from Procter & Gamble, according to an Aurora executive.
Columbus, Ohio-based Aurora, which is owned by MBW Investors LLC, announced plans Monday to buy Duncan Hines for an undisclosed sum. MBW created Aurora in 1996 to build a portfolio of national food brands.
In a telephone interview, James Ardrey, executive vice president of Aurora Foods, said Chase will lead the deal's financing. Units of Gleacher Natwest and SBC Warburg will also participate, he said.
Chase and a syndicate of 10 banks helped finance Aurora's earlier acquisitions, including Mrs. Butterworth's syrup and pancake mix in 1996 and Log Cabin syrup this year, Mr. Ardrey said. Those financing packages included both loans and high-yield bonds.
MBW was formed by the Dartford Partnership, a San Francisco investment firm in which Mr. Ardrey is a partner, and McCown De Leeuw & Co. and Fenway Partners, two New York investment firms.