MINNEAPOLIS--(BUSINESS WIRE)--Bellisio Foods, Inc. announced today that Charoen Pokphand Foods (known as CPF), based in Bangkok, has entered into a definitive agreement with Centre Partners to acquire Bellisio for $1.075 billion. The transaction, expected to close in December 2016, paves the way for Bellisio to continue its success in partnering with strong customers and delivering innovative brands that delight consumers.
Bellisio, the nation’s third largest manufacturer and distributor of single serve frozen entrees, will become an integral part of the CPF vision to be the “Kitchen of the World.” As a global leader and innovator in the food industry, CPF serves more than three billion customers in 18 countries throughout Asia and Europe and has received numerous awards, including the Dow Jones Sustainability Index for emerging markets for its commitment to corporate social responsibility.
“We have had a productive, collaborative partnership with Centre Partners over the past five years,” said Joel Conner, chairman and CEO of Bellisio Foods. “We have also built an extremely talented team at Bellisio, many of whom are co-owners of the Company. They have executed our strategy superbly, delivering remarkable results.”
Bellisio markets products under the Atkins, Boston Market, Chili’s, EatingWell, Eat!, and Michelina’s brands through strong partnerships with leading grocery retailers nationwide. The company also co-manufactures private label and foodservice products and operates production facilities in Ohio, Minnesota and California.
“We are excited to be part of CPF and look forward to driving the North American strategy for one of the world's leading food companies,” said Conner. “With Bellisio’s expertise, food quality and commitment to bring new, delicious and exciting brands to market, our management and employees are expected to play key roles within CPF,” Conner added.
About Bellisio Foods
Bellisio Foods, Inc. is one of the nation's largest and fastest growing frozen food companies with a rich 26-year history of providing quality, innovative food tailored to consumer tastes and lifestyles. Based in Minneapolis, Bellisio Foods produces more than 400 products spanning a wide variety of frozen food categories, including single and multi-serve entrees, snacks, side dishes, and specialty sauces. Bellisio markets these products under its Michelina’s and Eat! brands, as well as under licensed brands Boston Market, Chili’s, EatingWell, and Atkins. The company also co-manufactures private label, retail and foodservice products. For more information, visit www.bellisiofoods.com.
With decades of industry leadership across multiple geographies, CPF is the largest agro-industrial conglomerate in Southeast Asia and a true global leader in the agro space. The Company has fully integrated operations in feed, farm and food in Thailand. CPF has been recognized with numerous awards for corporate social responsibility and is included in the Dow Jones Sustainability Index (DJSI) for emerging markets. CPF’s mission is to provide sustainable, high-quality food solutions across the entire food manufacturing and processing value chain. For more information, visit www.cpfworldwide.com.
About Centre Partners
Founded in 1986, Centre Partners is a leading middle-market private equity firm focusing on the consumer and healthcare sectors, with offices in New York and Los Angeles. Centre has invested over $2 billion of equity capital in more than 75 transactions since its inception. Centre seeks to partner with founders and management teams to build exceptional businesses. Centre Partners provides management teams access to its unique resources, which includes an extended network of experienced and proven operating executives. Additional information is available at www.centrepartners.com.