ConAgra Foods, the US food manufacturer, has announced the disposal of JM Swank, a national food ingredient sourcing and distribution company, after an agreement was reached with California-based private equity firm Platinum Equity to acquire the business.
JM Swank is the latest divestment by ConAgra Foods as it seeks to focus on core brands. Late in 2015, the firm announced plans to sell its private-label business to Treehouse Foods for $2.7 billion, in addition to spinning off its Lamb Weston frozen potato business.
Commenting on the news, Conagra Foods president & CEO Sean Connolly said: “Our goal continues to be driving greater shareholder value by making ConAgra Foods a more focused and higher performing company. The divestiture of JM Swank is the most recent step we have taken to allow us to drive growth by continuing to invest in our product portfolio”.
Platinum Equity CEO Tom Gores said: “JM Swank is a leader in its industry and our team is excited to partner with management to help drive growth and create new value”.
Source: ConAgra Foods