Vlasic Deal Back to Basics for Hicks Muse

Hicks, Muse, Tate & Furst, the buyout firm battered by money-losing bets on movie theaters and telecommunications start-ups, said it’s returning to basic industries with the purchase of bankrupt pickle maker Vlasic Foods International Inc. for about $370 million.

Vlasic persuaded a bankruptcy judge two weeks ago to approve the sale of its assets to the buyout group. The sale also includes Open Pit barbecue sauce and Swanson frozen foods, which created the first frozen pot pie and TV dinners.

Dallas-based Hicks Muse’s bid topped a tentative agreement Vlasic had to sell only the pickle and barbecue sauce units to H.J. Heinz Co. for $195 million. The bankruptcy court approved the $370-million sale, though the final price was negotiated to be less, said a Hicks Muse spokesman.