ConAgra Foods, Inc., Omaha, Neb., entered into a definitive agreement to acquire the Bertolli and P.F. Chang’s Home Menu frozen meals businesses from Unilever PLC for a total cash consideration of $265 million. The agreement includes a license for the use of the Bertolli brand name and the transfer of Unilever’s existing license with P.F. Chang’s for use of the P.F. Chang’s Home Menubrand name.
ConAgra Foods expects this acquisition to provide significant growth opportunities in the frozen food category.
“Bertolli and P.F. Chang’s multi-serve frozen meals are excellent additions to our portfolio. We’ll use our extensive frozen food and innovation capabilities to grow these great brands even further,” says Gary Rodkin, chief executive officer of ConAgra Foods. “Just as our acquisition earlier this calendar year of Odom’s Tennessee Pride extended our reach into frozen breakfasts, the addition ofBertolli and P.F. Chang’s brands can bring us new consumers and new eating occasions.”
This will be the fifth acquisition in the last 12 months for ConAgra Foods, following the acquisitions of National Pretzel Co., Del Monte Canada, Odom’s Tennessee Pride and the pita chip business of Kangaroo Brands.
The Bertolli and P.F. Chang’s frozen meals are currently produced in a Unilever facility that is not included in the sale. As part of the acquisition, key manufacturing equipment will be relocated to an existing ConAgra Foods facility.
Source: Refrigerated & Frozen Foods