BANGKOK and MINNEAPOLIS — Charoen Pokphand Foods (CPF) has completed its acquisition of Bellisio Foods Inc. from Centre Partners Management LLC for $1.075 billion. The transaction brings together Thailand’s leading integrated foods business with one of America’s fastest-growing frozen food companies.
Bellisio manufactures and distributes frozen entrees under the Atkins, Boston Market, Chili’s, EatingWell, Eat! and Michelina’s brands, as well as co-manufactures private label and foodservice products. Bellisio operates out of four facilities located in Ohio, California and Minnesota.
Bangkok-based CPF is the leading agro-industrial and food conglomerate in the Asia-Pacific region. The company operatfes in both the livestock (swine, broilers, layers and ducks) and aquaculture (shrimp and fish) businesses. The vertically integrated company is involved in livestock production, meat processing, as well as the retail and restaurant business.
“We are extremely excited about this partnership with CPF and the potential it has to drive a next phase of significant growth for Bellisio,” said Joel Conner, chairman and CEO of Bellisio. “CPF is a company with whom we share the same values and commitment to quality and innovation.”
“This transaction represents a breakthrough for CPF into the world’s largest food market and is a significant milestone in our journey towards becoming the ‘kitchen of the world’,” said Adirek Sripratak, CEO of CPF. “Joel and his team have built Bellisio into a strong business with a number of respected brands – we are looking forward to working together to further grow and enhance Bellisio’s business. Through the partnership, we will gain access to the North American market, enabling us to create an enhanced offering for US consumers as well as generate greater value for shareholders.”
Bellisio’s existing management team and the majority of the employee base will remain in place following the acquisition. The company will also continue to be based in Minneapolis.