Investor Group led by Highbridge Principal Strategies, JP Morgan and Lion Capital Appoint Industry Expert to Board of Directors Following the Restructuring of Findus Group’s Capital Structure
NEW YORK & LONDON--(BUSINESS WIRE)-- The shareholders of Findus Group have appointed Dale Morrison as Non-Executive Chairman.
Findus has recently finalized a balance sheet recapitalization with £220 million of new capital in the form of new equity and a liquidity facility being provided by the Investor Group. The proceeds will be used to pay down senior debt and provide ample liquidity for the Company’s operations and working capital requirements. The new governance structure including, in particular, the appointment of Mr. Morrison, combines recognized operational and industry leadership with strong financial backing.
“In searching for the right Chairman for Findus, we unanimously agreed that Dale has the ideal mix of consumer, financial and international experience to provide the leadership and governance that Findus needs. Throughout his career, Dale has held senior level positions at some of the largest and most commercially successful food companies in the world, and we are confident that he will provide invaluable guidance in helping Findus regain momentum across its business segments and restore its financial health,” the shareholders said.
“I am pleased to have been selected as Non-Executive Chairman of Findus,” said Mr. Morrison. “Findus has a solid foundation, great businesses and strong brands, all with significant potential for further improvement. Together with a re-energized and focused management team, we intend to expand innovation and marketing efforts, streamline operations and apply best practices across the Group’s operations.”
Until June 2011, Mr. Morrison was CEO of McCain Foods, an international leader in the frozen food industry. Mr. Morrison also served as President and CEO of Campbell Soup Company and began his career at General Foods and PepsiCo, where he had significant international responsibilities. Mr. Morrison is a Co-Founder of TriPointe Capital, a board member of International Flavors & Fragrances Inc. and InterContinental Hotels Group, and is Chairman of the Center for Innovation Board at the University of North Dakota.
For Highbridge Principal Strategies:
Ryan O’Keeffe in London: +44 (0)207 251 3801
David Millar in New York: +1 646 805 2009
Source: Highbridge Principal Strategies