ConAgra Foods has entered into a definitive agreement to acquire the Bertolli and PF Chang’s Home Menu frozen meals businesses from Unilever for a total cash consideration of $265m.
With annual sales approaching $300m, the Bertolli and PF Chang’s businesses specialise in the frozen multi-serve meals segment. The agreement includes a licence for the use of the Bertolli brand name and the transfer of Unilever’s existing license with PF Chang’s for use of the PF Chang’s Home Menu brand name.
Gary Rodkin, chief executive officer of ConAgra Foods, said: “Just as our acquisition earlier this calendar year of Odom’s Tennessee Pride extended our reach into frozen breakfasts, the addition of Bertolli and PF Chang’s brands can bring us new consumers and new eating occasions.”
The acquisition, which is expected to close within the next 30-60 days subject to customary closing conditions.
Source: ConAgra Foods