Hillshire Brands to acquire Van’s Natural Foods
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CHICAGO — The Hillshire Brands Co. has entered into an agreement to acquire Van’s Natural Foods from private equity firm Catterton Partners for $165 million. If completed, the acquisition would broaden Hillshire’s portfolio of frozen-food products and extend the company’s reach into the cereal and snack categories.
“The Van’s brand is a terrific addition to our portfolio,” said Sean Connolly, president and chief executive officer of the Hillshire Brands Co. “Not only does it expand our presence in the frozen category, it also gives us a proven health and wellness brand with extendibility beyond frozen.”
The Van’s product line features a portfolio of gluten-free products, including chips, cereals, crackers, french toast, pancakes, waffles and snack bars. The company also sells non-gluten free french toast, pancakes and waffles.
Revenues for Van’s Natural Foods are expected to reach $60 million in 2014, according to Hillshire Brands. The transaction is expected to close in May 2014.