Report: Conagra Brands Exploring Sale of Chef Boyardee

Dec. 6, 2024

Conagra Brands CEO Sean Connolly said in October that divestitures were possible, and now a Reuters report says Chef Boyardee might end up being sold off.

Andy Hanacek

Reuters has reported that Conagra Brands could sell its Chef Boyardee brand in an effort to overcome challenging economic conditions and consumer demand in the face of rising food prices, citing anonymous sources who were familiar with the matter.

Conagra reportedly has sent feelers out to gauge interest in the business through investment bank Centerview Partners, the article noted. In addition, the report said that the pasta brand could fetch more than $500 million in return from other food companies or private equity.

Conagra CEO Sean Connolly said during the company’s Q1 FY25 earnings call (Oct. 2, 2024) that Conagra Brands was “in a strong position to resume active portfolio reshaping,” which included bolt-on acquisitions and “divestitures of low growth businesses” — though he did not specify which brands might end up on the block at that time.

About the Author

Andy Hanacek | Senior Editor

Andy Hanacek has covered meat, poultry, bakery and snack foods as a B2B editor for nearly 20 years, and has toured hundreds of processing plants and food companies, sharing stories of innovation and technological advancement throughout the food supply chain. In 2018, he won a Folio:Eddie Award for his unique "From the Editor's Desk" video blogs, and he has brought home additional awards from Folio and ASBPE over the years. In addition, Hanacek led the Meat Industry Hall of Fame for several years and was vice president of communications for We R Food Safety, a food safety software and consulting company.