USA: Conagra Brands to sell Chef Boyardee to Hometown Food Company

Leading US food manufacturer Conagra Brands has announced it has entered into an agreement to sell Chef Boyardee, an ambient ready meals brand, to Hometown Food Company, a portfolio company of private equity Brynwood Partners, for $450 million.

This transaction includes a manufacturing facility in Milton (PA) and a full range of  shelf-stable operations and assets, excluding frozen frying pan meals that will be licensed to Conagra by Hometown Food Company.

The Chef Boyardee products that are part of the transaction contributed approximately $450 million to Conagra Brands’ fiscal year 2024 net sales.

Commenting on the move, Conagra Brands president and chief executive officer Sean Connolly said: “The Chef Boyardee divestiture marks another milestone in reshaping the Conagra Brands portfolio for better long-term growth, while also paying down debt. Despite the uncertain external environment, Conagra remains proactive in its pursuit of shareholder-value creation. By deepening our focus on our leading, growth-oriented frozen and healthy-snacking businesses, we continue to build a more focused company with modern consumer brand”.

The transaction is expected to close this quarter, subject to regulatory approval.

Source: Conagra Brands