Charoen Pokphand Foods (CPF) has successfully completed the acquisition of Bellisio Foods Inc. from Centre Partners Management LLC. CPF has acquired all of the outstanding interests in Bellisio from Centre Partners for total consideration of US$1,075 million.
CPF announced its intent to acquire Bellisio Foods in November.
The transaction brings together one of America’s largest and fastest-growing frozen food companies with Thailand’s leading and most successful integrated foods business, according to a press release from CPF. Bellisio manufactures and distributes single-serve frozen entrees under the Michelina’s, Atkins, Boston Market, Chili’s, EatingWell, and Eat! brands, as well as co-manufactures private label and food service products. CPF is the leading agro-industrial and food conglomerate in the Asia-Pacific region with a strong focus on nutrition. The company operates in both the livestock (swine, broilers, layers, and ducks) and aquaculture (shrimp and fish) businesses. The vertically integrated businesses incorporate the manufacturing of animal feed, animal breeding and animal farming; meat processing, the manufacturing of semi-cooked meat and fully-cooked meat; food products and ready meal products, as well as the meat and food retailer and restaurant businesses.
“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 U.S. consumers as well as generate greater value for shareholders.”
“We are gratified with the tremendous results that Bellisio achieved over the last five years behind the management team led by Joel Conner. We believe that CP Foods is an ideal partner for Bellisio as it enters its next phase of growth,” said Bruce Pollack, Managing Partner of Centre Partners.
The existing management team and wider employee base will remain in place following the shift in ownership, with Bellisio continuing to be strongly committed to its existing customers and suppliers as well as Minneapolis, where it will continue to be headquartered, and all regions where it has operations.