Jana Partners has acquired a stake of almost 10 per cent in pet food company Freshpet and has plans for a raft of changes at the business designed to increases it stock price ahead of a potential sale, according to a report by MarketWatch.
The report cites unnamed sources as saying that the activist hedge fund believes tha with larger operators in the sector having shown an appetite for deals in recent years, Freshpet could be seen as an attractive takeover target. Jana Partners also wants the company to look at a raft of other changes including operational and capital-allocation improvements.
Former Kraft Foods Chief Financial Officer Timothy McLevish, as well as Diane Dietz, who was chief executive of skincare-product maker Rodan & Fields, and ex-Jarden Corp. Chief Executive James Lillie have been recruited by Jana Partners to help with push for change at Freshpet.
