Conagra Sells Chef Boyardee Line
An iconic CPG is getting a new owner. The century-old Chef Boyardee brand is moving over to the Hometown Food Co. from Conagra Brands, Inc.
In a $600 million deal, Conagra is spinning off the shelf-stable food products business to Hometown Food, part of the Greenwich, Conn.-based Brynwood Partners private equity firm. Through this agreement, Hometown Food will acquire an 820,000-square-foot manufacturing facility in Milton, Pa., along with all assets and operations dedicated to the Chef Boyardee line except for the brand’s frozen skillet meals. Those items will be licensed by Hometown to Conagra.
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"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 brands," said Sean Connolly, president and CEO of Conagra Brands.
According to Conagra, Chef Boyardee contributed about $450 million to its fiscal year 2024 net sales. The company also reported that it anticipates using the net proceeds from the deal to pay down debt.
Chef Boyardee can trace its roots to Chef Hector Boiardi, who emigrated from Italy to the United States in the early 1900s and started producing family-friendly recipes. The brand is known for its Beef Ravioli, Spaghetti & Meatballs, Mini Ravioli, and Beefaroni products.
Hometown Food has its own ties to legacy brands. The company was formed by Brynwood in 2018 to buy a suite of businesses from The J.M. Smucker Co., including the U.S. rights to the Pillsbury shelf stable baking products, Hungry Jack pancake mixes and syrups, Martha White, and White Lily. Later, Hometown acquired Arrowhead Mills from The Hain Celestial Group, Inc., merged with De Wafelbakkers and purchased Birch Benders from Sovos Brands, Inc.
"We are thrilled to welcome Chef Boyardee into the Hometown family and will run the business from our corporate headquarters in Chicago," said Tom Polke, president and CEO of Hometown Food. "We look forward to working with the Conagra team to effect a smooth transition of the business."
The transaction is expected to close during the first quarter of Conagra's fiscal year 2026, which is the second quarter of the 2025 calendar year.
