Conagra Wraps Up Pinnacle Foods Acquisition

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Conagra Wraps Up Pinnacle Foods Acquisition

10/26/2018
Conagra Wraps Up Pinnacle Foods Acquisition

Conagra Brands Inc. has successfully completed of its acquisition of Pinnacle Foods. The transaction’s close follows the approval of Pinnacle’s shareholders and the satisfaction of all terms and conditions.

Back in June, Conagra agreed to purchase Parsippany, N.J.-based Pinnacle for about $10.9 billion in cash and stock

Through the acquisition, Conagra adds such iconic brands to its portfolio as Birds Eye, Duncan Hines, Earth Balance and Vlasic, along with emerging brands like as Gardein, Glutino, Udi's, Wish-Bone and Evol.

“Expanding Conagra Brands’ portfolio through the acquisition of Pinnacle Foods creates a tremendous opportunity to drive profitable growth and shareholder value by further leveraging our proven approach to innovation, brand-building, operational excellence and deep customer relationships,” said Sean Connolly, president and CEO of Chicago-based Conagra. “We are excited to combine the Pinnacle and Conagra Brands portfolios in the attractive frozen meals and snacks and sweet treats categories. The complementary brands, operations and results-oriented cultures will help facilitate an effective integration and the continued transformation of Conagra Brands.”

Among Conagra’s well-known brands are Healthy Choice, Marie Callender’s, Reddi-wip and Slim Jim, as well as such emerging brands as Angie’s Boomchickapop, Duke’s and Frontera.