CP Foods breaks into US market with pending acquisition of major frozen entrée business
Charoen Pokphand Foods Public Company Limited, also known as CP Foods, of Thailand, is looking to acquire Bellisio Foods from Centre Partners Management for USD 1.075 billion (EUR 1 billion).
CP Foods entered into a definitive agreement with Centre Partners – which acquired Bellisio in 2011 from its founder – as of 17 November, with intent to finalize the deal in December 2016.
Bellisio, headquartered in Minneapolis, Minnesota, is one of the largest and fastest-growing frozen food companies in the United States, manufacturing and distributing a wide array of high-quality and innovative branded frozen products “that address the evolving needs of a broad consumer base spanning different ages, life stages, and lifestyles,” according to the company. State-of-the-art production facilities under the Bellisio purview can be found in Ohio, Minnesota and California.
As far as product trajectory is concerned, Bellisio has added premium and lifestyle brands such as Boston Market, Chili's, Atkins, Eating Well and Eat! to its core Michelina's value brand over the course of the last five years. Moreover, the U.S. company’s revenues have more than doubled during Centre's ownership, with Bellisio becoming the third-largest frozen food company in North America. Beyond the U.S., the company has seen success in Canada with its single serve frozen entrees.
"Through our partnership with Joel Conner and his management team, the successful execution of the Company's strategic initiatives has generated sustained top-line growth and tremendous enhancements to profitability,” said Bruce Pollack, a Managing Partner of Centre Partners, in a news release. “Bellisio's innovative product portfolio, diversified customer base, and cost-effective manufacturing and distribution capabilities form an enviable platform for continued growth. CP Foods is an ideal partner for Bellisio as it enters its next phase of growth and leverages its innovation capabilities and production scale. We wish Bellisio and its employees all the best for a successful future."
"We have enjoyed a highly productive partnership with Centre Partners,” added Joel Conner, Chairman of Bellisio. “Our team's success was clearly enhanced by Centre Partners' support and resources, and we couldn't be more pleased with the outcome. We have built an extremely talented team at Bellisio, which executed our strategy superbly and delivered remarkable results. We are excited to be part of CP Foods and look forward to leading the North American strategy for one of the world's most successful and innovative food companies."
"We believe that through leveraging our combined strengths at CP Foods and Bellisio group, we can bring greater variety of products particularly Asian food products, to US consumers as well as export our products globally. This acquisition is in line with CP Foods' strategic direction to expand into high potential market," concluded Adirek Sripratak, CEO of CP Foods.