PITTSBURGH — Berkshire Hathaway and an investment fund affiliated with 3G Capital have completed their acquisition of H.J. Heinz Company.
Heinz shareholders will receive $72.50 in cash for each share of common stock they owned as of the effective time of the merger, without interest and less any applicable withholding taxes. As a result of the completion of the merger, the common stock of Heinz will no longer be listed for trading on the New York Stock Exchange and Heinz expects no further trading after the close of business on June 7.
Bernardo Hees has become CEO of Heinz, effective immediately.
“I am honored today to become Heinz’s seventh CEO in the company’s renowned 144-year history. I look forward to building upon Heinz’s incredible platform and delivering world-class products for all of our consumers around the world, while maintaining the company’s unwavering commitment to quality, safety and superior customer service,” said Hees, regarding his appointment.
Meanwhile, William R. Johnson, who the company credits with having transformed Heinz into a high-performing global leader in the packaged foods industry, has retired as Heinz’s chairman, president and CEO. He was with the company for 31 years — 15 of those years as its CEO. Going forward, Johnson will serve as a part-time advisor to Hees on certain specific industry and strategic non-operating matters.
Heinz also announced that Paulo Basilio has become CFO, and will report directly to Hees.
“Paulo will be an invaluable partner to me as Heinz transitions to a private company, while positioning ourselves for continued domestic and global growth,” added Hees.
Basilio, 38, is a partner at 3G Capital. Previously, he served as CEO of America Latina Logistica from 2010 to September 2012, after having served as ALL’s COO, CFO, commercial officer and analyst. Basilio holds a M.Sc. in economics from Fundacao Getulio Vargas in Brazil.
Berkshire Hathaway and its subsidiaries engage in diverse business activities including property and casualty insurance and reinsurance, utilities and energy, freight rail transportation, finance, manufacturing, retailing and services.
3G Capital is a global investment firm focused on long-term value, with a particular emphasis on maximizing the potential of brands and businesses. The firm works in close partnership with management teams at its portfolio companies and places a strong emphasis on recruiting, developing and retaining top-tier talent.