• by Nina Lentini  @Nina_Lentini, February 13, 2007

Pinnacle Foods Group--owner of Celeste pizza, Mrs. Butterworth syrup, Lender's bagels and a host of other brands known to generations of consumers--is being bought by Blackstone Group for $2.2 billion.

Former Kraft Foods CEO Roger Deromedi will become chairman when the deal closes in several months, the companies said yesterday. Pinnacle CEO Jeffrey Ansell is a former Procter & Gamble corporate officer.

The deal could put a marketing infusion behind the Pinnacle brand portfolio. It also includes Van de Kamp's and Mrs. Paul's seafood, Log Cabin syrup, Armour canned meat, Aunt Jemima breakfast foods, Duncan Hines baking mixes, Hungry Man and Swanson frozen dinners, and Vlasic pickles.

CoreBrand CEO Jim Gregory calls the brands highly leverageable and says they have not gotten much attention lately.

"There is a tremendous amount of brand equity in these families," he says. "All of them are wholesome, wonderful major brands that are solid performers. Maybe this will be an opportunity for Blackstone to build and leverage them."

Pinnacle employs more than 3,000 workers, owns seven manufacturing facilities in the United States, and generates approximately $2.1 billion in annual gross sales.