Kelso Fund IX Announces Agreement to Acquire Eagle Family Foods, Inc.

November 2, 2015

Kelso is pleased to announce that on November 2, 2015, we signed a definitive agreement to purchase the assets of Eagle Family Foods, Inc. (“Eagle” or the “Company”) from The J.M. Smucker Company (“Smucker”).

Eagle is a leading domestic manufacturer of sweetened condensed milk and evaporated milk products. Eagle operates in two stable and growing categories with #1 branded market share in sweetened condensed milk and #2 branded share in evaporated milk, as well as #1 private label market share in each category. The Company’s products are key ingredients in a diverse set of end products with low substitution risk due to the critical ingredient nature of its products. Eagle produces 100% of its products at two low-cost manufacturing facilities.