Home » ConAgra To Acquire Bertolli and P.F. Chang's From Unilever
ConAgra To Acquire Bertolli and P.F. Chang's From Unilever
ConAgra Foods Inc., Omaha, Neb., on July 30 announced it has 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.
With annual sales approaching $300 million, the Bertolli and P.F. Chang’s businesses are leaders in the frozen multi-serve meals segment. Those frozen meals currently are 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.
There have been rumors that Unilever PLC has been shopping its entire food business to embark on a major restructuring, probably focusing on personal care products. In 2006 and 2010, it sold off its frozen food businesses (except for ice cream) in Europe, and last October Unilever sold four US food brands to B&G Foods.
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 that name.
The acquisition would really pump up ConAgra’s position in the freezer case. The company already has brands such as Marie Callender’s, Banquet, Healthy Choice and Kid Cuisine, but does not have any bagged dinners for two, nor authentically ethnic products.
“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,” said Gary Rodkin, ConAgra CEO. “Just as our acquisition earlier this year of Odom’s Tennessee Pride extended our reach into frozen breakfasts, the addition of Bertolli and P.F. Chang’s brands can bring us new consumers and new eating occasions.”
When complete, this acquisition will support ConAgra Foods’ growth strategy, which includes growing its core businesses and expanding into adjacent categories, building its private label business and continuing to develop its international presence. This will be the fifth acquisition in the last 12 months for ConAgra, following the acquisitions of National Pretzel Co., Del Monte Canada, Odom’s Tennessee Pride and the pita chip business of Kangaroo Brands.
The acquisition is expected to close in August or September.
Happy Family Bought by Groupe Danone
Dannon parent acquires 92 percent of seven-year-old toddler food company.
Anuga 2013: A Taste of Global Innovations Set to Take Place October 5-9
The huge global food show will be October 5-9 in Cologne, Germany.
Vermont Passes Genetic Labeling Bill
The Vermont House of Representatives approved H.112 on May 10. The bill will go to the senate next in fall 2013. If passed, the earliest the act could become law is January 2014.
GMO Labeling Effort Reaches Washington
Senate and House bills would require the FDA to develop regulations for the labeling of food containing bioengineered ingredients.
Burger King CEO To Take Over at Heinz
Bernardo Hees of 3G Capital is new CEO of Pittsburgh acquisition.
The New Hostess Company Resumes Operations
The Metropolous-Apollo-controlled company plans to reopen four plants and hire workers, but not union labor.
- 04/19/2013 Cheesemaker, Restaurant Chain Hold Mac and Cheese Cookoff
- 04/19/2013 Restaurant Chain That Also Supplies School Lunches Goes Trans Fat-Free
$10 Billion Offer for D.E Master Blenders 1753
Former part of Sara Lee eyed by European fund Joh. A. Benckiser.
Pinnacle Foods Goes Public
Blackstone Group sells 32 percent of Pinnacle Foods into stock market.
- All news »
Access Food Processing and Wellness Foods magazines on-line and receive an e-mail each month when your new issue is ready. Subscribe Now »
Biweekly updates delivering feature articles, top industry news, company news, product announcements, technical issues and more. Subscribe Now »