Bellisio Taking Overhill
Bellisio Foods said it is buying frozen-food supplier Overhill Farms as it looks to expand its frozen-food and snack business.
Bellisio says it is the third-largest U.S. producer of frozen entrees. For the past two years, it has teamed with Overhill Farms to produce and distribute frozen meals under the Boston Market brand.
Overhill Farms' customers include Jenny Craig and Target Corp.
Bellisio will pay $81 million, or $5 a share, the companies announced Wednesday, May 15.
"We believe that Overhill's brand portfolio and West Coast manufacturing presence enables us to unlock meaningful synergies and better serve existing and new customers through expanded capabilities and a broader offering," said Bellisio chief executive Joel Conner.