Pilgrim’s Pride’s Kerry acquisition finalized

Pilgrim’s Pride’s acquisition of Kerry Consumer Foods’ Meat and Meals business has been completed, the company announced on September 27.

Roy Graber Headshot
onephoto, Bigstockphoto.com
onephoto, Bigstockphoto.com

Pilgrim’s Pride’s acquisition of Kerry Consumer Foods’ Meat and Meals business has been completed, the company announced on September 27.

The transaction was unanimously approved by the Pilgrim’s board of director and was funded with the company’s recent senior notes offering and credit facility, valuing the business at $932 million (GBP680 million.)

Kerry Meats is a manufacturer of branded and private labels meats, meat snacks and food-to-go products in the U.K. and Ireland, as well as ethnic chilled and frozen ready meals business in the U.K.

When the plans for the acquisition were first announced in June, Pilgrim’s Pride stated that the purchase of Kerry Meats would make Pilgrim’s “a leading food company with a significant value-added protein and integrated prepared foods business anchored by a portfolio of strong brands.

“We are pleased to have the opportunity to position Pilgrim’s as a leading prepared foods and branded products player through the acquisition of Kerry Consumer Foods’ Meats and Meals business,” said Fabio Sandri, chief executive officer of Pilgrim’s Pride. 

“The transaction enhances our value-added portfolio by adding market-leading brands such as Denny, Richmond and Fridge Raiders, which we expect to deliver a higher and more stable margin profile.”

With the transaction finalized, Pilgrim’s Pride has expanded its presence in Europe. Pilgrim’s acquired Northern Ireland-based meat and poultry company Moy Park in 2017, and in 2019, it acquired U.K. meat company Tulip Limited, which has 12 fresh and value-added facilities. Moy Park was previously owned by JBS, while Tulip was previously owned by Danish Crown.

Pilgrim’s Pride’s acquisition of the Kerry business was finalized while JBS, already the majority shareholder of Pilgrim’s Pride, is planning to acquire the remaining shares of Pilgrim’s. The Pilgrim’s Pride board has since formed a special committee of independent directors to review and evaluate the proposal.

Page 1 of 1576
Next Page