Conagra Brands Inc. on Jan. 2 completed the sale of its Lender's Bagel business to Bimbo Bakeries USA Inc., a subsidiary of Grupo Bimbo S.A.B. de C.V. The final price was not disclosed but in an earlier SEC filing Conagra figured "net proceeds of $33.2 million."
The transaction included a production facility in Mattoon, Ill., as well as the Lender's brand and related intellectual property. The business was part of Pinnacle Foods, which Conagra acquired in 2018 for $10.9 billion.
It's part of a series of small divestitures of ill-fitting Pinnacle businesses, which include snack brands Tim’s Cascade Snacks, Hawaiian Snacks, Erin’s, Snyder of Berlin and Husman’s, which were sold to Utz Quality Foods in September 2019.
Conagra is using the divestitures to pare down its debt and to focus its business.
