Tyson Foods, Inc. has entered into an agreement to sell its Sara Lee Frozen Bakery and Van’s businesses to private equity firm Kohlberg & Company, the company announced.

The sale includes the Chef PierreBistro Collection and Van’s brands, and a license to use the Sara Lee brand in certain channels. The deal also includes the sale of the company’s Tarboro, N.C. and Traverse City, Mich. prepared foods facilities and a sales office in Canada. The 1,160 team members employed at the two facilities and sales office are expected to keep their positions with the new company.

“These are great assets with outstanding team members; however, we’re focused on expanding Tyson Foods’ leadership position in protein,” said Sally Grimes, group president, Prepared Foods.  “We believe these brands and facilities will do well as part of Kohlberg, which has extensive experience buying and growing businesses.

Kohlberg is partnering with C.J. Fraleigh, who will join as Executive Chairman at closing. Fraleigh, a long-time consumer products executive with over 30 years of experience, previously served as CEO of Sara Lee – North America.

“I’m very excited to be joining the team,” commented Fraleigh. “With established and iconic brands, including Sara LeeChef PierreBistro Collection, and Van’s, this business is well-positioned to continue its historical growth trajectory. I look forward to working with the company’s employees to execute on growth opportunities we’ve identified and continue providing customers with excellent service, innovation and consistently high quality products.

Seth Hollander, partner of Kohlberg, stated, “Kohlberg’s partnership with C.J., along with our depth of experience with food investments, creates an excellent opportunity to drive growth and value creation for all stakeholders.

The terms of the agreement are not being disclosed. Rothschild & Co is acting as Tyson Foods’ financial advisor on the sale.