Bellisio Foods representatives have been in discussions with investment banks about naming a financial officer to organize a sale of the company, according to a Reuters dispatch published on July 29. The Minneapolis, Minnesota-headquartered frozen food ready meals and snacks producer, which reportedly rang up approximately $600 million in sales last year, packs and co-packs a wide line of branded and private label retail products, as well as foodservice items.
New York City-based Centre Partners Management LLC, a private equity enterprise, has owned the company since it was purchased for an undisclosed price from food industry and real estate entrepreneur Jeno Pallucci shortly before his death in 2011. According to a source not identified in the Reuters story, the current value of Bellisio Foods could be in the range of $800 million. This figure would include its Vernon, California-based Overhill Farms unit (a custom manufacturer of frozen prepared foods acquired in 2013), as well as the production facility in Jackson, Ohio, and debt.
Among Bellisio’s proprietary band products are Michelina’s entrees, which run the gamut from Fettuccine Alfredo and Spaghetti Marinara to Lasagna with Meat Sauce, Stroganoff and Teriyaki Chicken.
It also packs ready meals, appetizers and snacks sold in retail stores under the Boston Market and Chili’s At•Home labels, featuring recipes including Salisbury Steak, Beef Pot Roast for the former and Cajun-style Chicken Alfredo and Chiptole Bacon Jalapeño Bites for the latter.
According to Wikipedia, the company produces more than 400 products and is ranked as the No. 3 packer of frozen entrees in the USA. While its primary market is North America, it is also active in a dozen or more other countries including Australia and China.
