CP Foods Completes Acquisition of Bellisio
Move marks first acquisition in the US for the Thai integrated foods business
Charoen Pokphand Foods Public Company Limited announced the successful completion of the acquisition of Bellisio Foods Inc. (“Bellisio”) from Centre Partners Management LLC (“Centre Partners”). CPF has acquired all of the outstanding interests in Bellisio from Centre Partners for total consideration of $1,075 million.
The transaction brings together one of America’s largest and fastest-growing frozen food companies with Thailand’s integrated foods business. Bellisio manufactures and distributes single-serve frozen entrees under the Michelina’s, Atkins, Boston Market, Chili’s, EatingWell, and Eat! brands, as well as co-manufactures private label and food service products. CPF is the leading agro-industrial and food conglomerate in the Asia-Pacific region with a strong focus on nutrition. The company operates in both the livestock (swine, broilers, layers, and ducks) and aquaculture (shrimp and fish) businesses. The vertically integrated businesses 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.
“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 CEO 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, CEO of CPF. “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.”