CNBC reports Schwan’s weighing sale
MARSHALL – News network CNBC reported Thursday that the Schwan’s Company may be considering a sale of the business.
A report posted on CNBC’s website said Schwan’s has hired investment bank Piper Jaffray to weigh options including a potential sale. A potential deal could value Schwan’s at more than $2.5 billion, the report said.
On Friday, Schwan’s Communication Manager Chuck Blomberg declined to comment on whether Schwan’s is working with Piper Jaffray.
CNBC’s report attributed its information on a potential sale to sources familiar with the situation. The sources requested anonymity, because the process is confidential, the report said. Sources cautioned that Schwan’s could decide to sell the company in pieces, or not at all, the report said.
Schwan’s has about $260 million in earnings before interest, taxes, depreciation and amortization, CNBC’s report said. It is ranked by Forbes as one of the largest private companies in the country.
Schwan’s Co. celebrated its 65th anniversary this year. Over the years, the Marshall-based company has grown to include home delivery of ice cream and frozen foods as well as brands like Tony’s and Red Baron pizza and Edwards desserts. Earlier this year, Schwan’s announced it would be partnering with the tru Shrimp Company and working with tru Shrimp to develop a shrimp processing facility in Marshall.