Thomas H. Lee Partners has agreed to sell Michael Foods to GS Capital Partners in a deal valued at approximately $1.7 billion, resulting in return multiple of 3x. THL will continue to hold a 20% stake in the producer and distributor of food products after the completion of the transaction, which is expected in the next couple of months. BofA Merrill Lynch and Weil, Gotshal & Manges are advising the sell-side of the deal, while Goldman Sachs and Fried, Frank, Harris, Shriver & Jacobson are advising GS Capital. Bank of America and Goldman Sachs are also providing the debt financing. THL acquired Michael in a $1.05 billion buyout in 2003.