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ConAgra Foods Inc. has entered into a $265 million deal to acquire the Bertolli and P.F. Chang’s Home Menu frozen meals businesses from Unilever PLC.
With annual sales approaching $300 million, the Bertolli and P.F. Chang’s businesses are leaders in the frozen multiserve meals segment. The agreement includes a license for the use of the Bertolli brand name and the transfer of Unilever’s existing license with P.F. Chang’s for use of the P.F. Chang’s Home Menu brand name.
This acquisition reflects ConAgra’s commitment to continue growing its core businesses and expanding into strategic adjacencies. “Bertolli and P.F. Chang’s multi-serve frozen meals are excellent additions to our portfolio,” said ConAgra CEO Gary Rodkin. “We’ll use our extensive frozen food and innovation capabilities to grow these great brands even further. Just as our acquisition earlier this calendar year of Odom’s Tennessee Pride extended our reach into frozen breakfasts, the addition of Bertolli and P.F. Chang’s brands can bring us new consumers and new eating occasions.”
When complete, this acquisition will support ConAgra’s growth strategy, which includes growing its core businesses and expanding into adjacent categories, building its private label business and continuing to develop its international presence.
This will be the fifth acquisition in the last 12 months for ConAgra, following the acquisitions of National Pretzel Co., Del Monte Canada, Odom’s Tennessee Pride and the pita chip business of Kangaroo Brands. The deal is expected to close within 60 days.
ConAgra expects the acquisition to further bolster its position in the freezer case, where it already markets products under such brands as Marie Callender’s, Banquet, Healthy Choice and Kid Cuisine.
Omaha-based ConAgra Foods claims brand penetration of 97 percent of America’s households. The company also markets labels including Chef Boyardee, Egg Beaters, Hebrew National, Hunt’s, Orville Redenbacher’s, Pam, Peter Pan, Reddi-wip, Slim Jim, Snack Pack and many others brands in grocery, convenience, mass merchandise and club stores.