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The Hillshire Brands Co. will acquire Catterton Partners’ Van’s Natural Foods portfolio, a better-for-you brand of frozen breakfast and snack food products, in a transaction estimated at $165 million. The deal is expected to close in May of this year.
Van’s, based in Phoenix, will become part of Hillshire Brands’ retail segment, and is expected to post revenues of approximately $60 million for Hillshire. Van’s management will continue to lead the business.
“The Van’s brand is a terrific addition to our portfolio,” said Sean Connolly, president and CEO of Chicago-based Hillshire Brands. “Not only does it expand our presence in the frozen category, it also gives us a proven health-and-wellness brand with extendability beyond frozen.”
Hillshire Brands generated approximately $4 billion in annual sales in fiscal 2013, and has more than 9,000 employees. The company’s portfolio includes iconic brands such as Jimmy Dean, Ball Park, Hillshire Farm, State Fair and Sara Lee.