Charoen Pokphand Foods Public Co. Ltd. (CPF) announced Dec. 22 the successful completion of the acquisition of all outstanding interests in Bellisio Foods Inc. from Centre Partners Management LLC for a total consideration of $1.075 billion.
The transaction brings together one of America's largest and fastest-growing frozen food companies with Thailand's leading integrated food business.
Bellisio manufactures and distributes single-serve frozen entrées under the Michelina's, Atkins, Boston Market, Chili's, EatingWell and Eat! brands, and it also co-manufactures private-label and foodservice products.
CPF is one of the leading producers, processors and exporters of meat in Southeast Asia and one of the world's leading manufacturers of animal feed. The company manages a number of animal feed plants and produces feed for poultry, swine, shrimp and fish, as well as pet food for cats and dogs.
The vertically integrated businesses incorporate the manufacturing of animal feed, animal breeding and animal farming; meat processing, the manufacturing of semi-cooked and fully cooked meat; food products and ready meal products, and 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,” Bellisio chairman and chief executive officer Joel Conner said. “CPF is a company with whom we share the same values and commitment to quality and innovation.”
Adirek Sripratak, CEO of CPF, added, “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.' 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.”
Based in Minneapolis, Minn., Bellisio produces more than 400 products spanning a wide variety of frozen food categories, including single-serve and multi-serve entrées, snacks, side dishes and specialty sauces.
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 to its Minneapolis headquarters and all regions where it has operations.
CPF is headquartered in Thailand and also has business operations in Belgium, Cambodia, China, India, Laos, Malaysia, the Philippines, Russia, Sri Lanka, Turkey, Taiwan, the U.K. and Vietnam. CPF traces its roots to 1921 and now sells its products in more than 30 countries worldwide, with annual turnover of $14 billion.