BANGKOK & MINNEAPOLIS--(EON: Enhanced Online News)--Charoen Pokphand Foods Public Company Limited (“CPF” or the “Company”) today 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 USD 1,075 million.
“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’”
The transaction brings together one of America’s largest and fastest-growing frozen food companies with Thailand’s leading and most successful 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.”
“We are gratified with the tremendous results that Bellisio achieved over the last five years behind the management team led by Joel Conner. We believe that CP Foods is an ideal partner for Bellisio as it enters its next phase of growth,” said Bruce Pollack, Managing Partner of Centre Partners.
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 Minneapolis, where it will continue to be headquartered, and all regions where it has operations.
About CP Foods
Charoen Pokphand Foods is one of the leading producers, processors and exporters of meat in South-East Asia and one of the world’s leading manufacturer of animal feed. A member of the DJSI, the company manages a number of animal feed plants and produces feed for poultry, swine, shrimp, fish, as well as home pets (cats and dogs). Headquartered in Thailand, the Company also has business operations in Belgium, Cambodia, China, India, Laos, Malaysia, the Philippines, Russia, Sri Lanka, Turkey, Taiwan, the United Kingdom and Vietnam. Tracing its roots to 1921 in Thailand, today CP Foods has investments and operations in 14 countries and sells its products in over 30 countries worldwide with annual turnover of US$14bn.
Bellisio Foods, Inc. is one of America’s largest and fastest growing frozen food companies with a rich 26-year history of providing quality, innovative food tailored to consumer tastes and lifestyles. Based in Minneapolis, Bellisio Foods produces more than 400 products spanning a wide variety of frozen food categories, including single and multi-serve entrees, snacks, side dishes, and specialty sauces. Bellisio markets these products under its Michelina’s and Eat! brands, as well as under licensed brands Boston Market, Chili’s, EatingWell, and Atkins. The company also co- manufactures private label, retail and foodservice products. For more information, visit www.bellisiofoods.com.
About Centre Partners
Founded in 1986, Centre Partners is a leading middle-market private equity firm focusing on the consumer and healthcare sectors, with offices in New York and Los Angeles. Centre has invested over $2 billion of equity capital in more than 75 transactions since its inception. Centre seeks to partner with founders and management teams to build exceptional businesses. Centre Partners provides management teams access to its unique resources, which includes an extended network of experienced and proven operating executives. Additional information is available at www.centrepartners.com.