Del Monte Pacific Ltd. (DMPL) reported that the creditors of its indirect United States (US) subsidiary, Del Monte Foods Inc., have auctioned off substantially all of the firm’s businesses to three leading food companies for $509 million as part of its Chapter 11 proceedings.

In a disclosure to the Philippine Stock Exchange (PSE), DMPL said the debtors conducted a court-supervised auction process pursuant to procedures approved by the US bankruptcy court.

Del Monte Foods said it has negotiated asset purchase agreements with the three parties for substantially all of its assets and business operations as going concerns.

It sold to Fresh Del Monte Produce Inc. the company’s vegetable, tomato, and refrigerated fruit business assets, including the Del Monte and S&W packaged vegetable brands; Del Monte, Contadina, and Take Root Organics packaged tomato brands; the Del Monte refrigerated fruit brand; and the JOYBA beverage brand.

The sale also includes global ownership of the Del Monte brand and related intellectual property (IP), subject to existing licensing arrangements.

Del Monte Foods sold to B&G Foods Inc. all assets in the broth and stock business segment, including the College Inn and Kitchen Basics brands.

It also sold to Pacific Coast Producers the firm’s shelf-stable fruit business assets, which, other than production assets, include the rights and licenses to use the Del Monte and S&W brands for shelf-stable packaged ambient fruit and ambient fruit sauces in the US, including Puerto Rico, and Mexico.

The sale transactions are expected to provide Del Monte Foods with a clear path forward for the company’s assets and business operations to continue under the new ownership of three well-regarded strategic operators and represent the highest or otherwise best offers for the company’s assets and businesses.

“This outcome represents a successful result in our sale process and demonstrates the enduring value of Del Monte Foods’ brands and operations,” said Greg Longstreet, Del Monte Foods chief executive officer (CEO).

He added that, “These transactions will create an opportunity for our beloved brands and businesses to thrive under the ownership of three of the leading companies in the food industry.

“We are committed to working closely with all parties to support a smooth transition of operations and are grateful to our team members, customers, and vendor partners for their steadfast commitment and meaningful contributions to Del Monte Foods during this pivotal time.”

The successful bidders were selected after careful consideration of all alternative proposals following a comprehensive sale process.

The sale transactions are subject to the approval of the US bankruptcy court for the district of New Jersey at a hearing currently scheduled for Jan. 28, 2026, and customary closing conditions.

Following court approval, the company will work with the buyers to transition ownership of the businesses and/or related assets in connection with the closing of the sale transactions, all of which are expected to occur by the end of the first quarter of 2026.