Ready Meals

Thailand’s CPF Completes Bellisio Foods Purchase in USA

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Charoen Pokphand Foods Public Company Limited (CPF) has completed the acquisition of Bellisio Foods Inc. from Centre Partners Management LLC. The Bangkok-headquartered buyer sealed the deal by purchasing all of the outstanding interests in Minneapolis, Minnesota-based Bellisio for $1.075 billion. 

MichelinasThe transaction brings together one of North America’s largest and fastest-growing frozen food companies with Thailand’s foremost integrated foods business. Bellisio manufactures and distributes more than 400 single- and multi-serve frozen entrees, side dishes, snacks and other products under the Michelina’s, Atkins, Boston Market, Chili’s, EatingWell, and Eat! retail brands. It also co-packs a wide range of private label and foodservice products.

Boston MarketCPF is regarded as the leading agro-industrial and food conglomerate in the Asia-Pacific region. The company operates in both the livestock (swine, chicken broilers and layers, and ducks) and aquaculture (shrimp and fish) sectors. The vertically integrated enterprises 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. 

bellisio logo“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 chief executive officer 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, CPF’s chief executive officer. “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 US consumers as well as generate greater value for shareholders.” 

The existing management team and wider employee base will remain in place following the shift in ownership, with Bellisio continuing to be committed to its existing customers and suppliers as well as its Minneapolis headquarters and central production facility in Jackson, Ohio.

The Bellisio Group, which has over 50,000 distribution points in the United States market, generated adjusted net sales of $668 million and adjusted earnings of $82 million before interest, tax, depreciation and amortization for the 12-month period ending in September of 2016.