MINNEAPOLIS — Charoen Pokphand Foods (CPF) has entered into a definitive agreement to acquire Bellisio Foods Inc. for $1.075 billion. The transaction is expected to close in December 2016.
Bellisio manufactures and distributes single-serve frozen entrees under the Atkins, Boston Market, Chili’s, EatingWell, Eat! and Michelina’s brands, as well as co-manufactures private label and food service products. Bellisio has more than 50,000 distribution points and operates out of four facilities located in Ohio, California and Minnesota. For the last 12 months ended Sept. 30, 2016, Bellisio generated adjusted net sales of $668 million and adjusted EBITDA of $82 million.
|Joel Conner, chairman and CEO of Bellisio|
“We are extremely excited to be part of the CPF family and share their vision of being the ‘Kitchen of the World,’” said Joel Conner, chairman and CEO of Bellisio. “I believe that our partnership with CPF will allow us to propel Bellisio through its next phase of growth.”
Bangkok-based CPF is a producer of food products with a focus on nutrition. CPF serves more than three billion customers in 18 countries throughout Asia and Europe.
|Adirek Sripratak, CEO of CPF|
“We are thrilled to have the opportunity to work with Joel and his team to bring Bellisio to its next phase,” said Adirek Sripratak, CEO of CPF. “This transaction marks the first step of our entry into the world’s largest food market, where we see significant growth and synergy opportunities. We believe that, through leveraging our combined strengths at CPF and Bellisio, we can bring greater variety of products — particularly Asian food products — to US consumers as well as export our products globally. This acquisition is in line with CPF’s strategic direction to expand into high potential market. After the transaction, CPF’s revenue contribution from food business will rise.”