J.P. Morgan Chase's

(JPM) - Get Report

private equity unit, J.P. Morgan Partners, and C. Dean Metropoulos reached an agreement to buy Hicks Muse Tate & Furst's majority stake in

Pinnacle Foods

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in a transaction worth $485 million.

Pinnacle, based in Cherry Hill, N.J., makes Vlasic pickles and Swanson frozen foods. Pinnacle was formed by Hicks Muse, a private investment firm, and Metropoulos in 2001. At the time. J.P. Morgan Partners acquired a minority stake in the company.

Metropoulos, Pinnacle's chairman and chief executive, will continue to lead the company following the transaction, which J.P. Morgan expects to close in the fourth quarter.

J.P. Morgan Partners has about $23 billion under management. Shares of J.P. Morgan were recently up 38 cents at $33.37.