Anglo-Dutch consumer goods group Unilever (LON:ULVR; AMS:UNA) said it had wrapped up the USD267m (EUR216.3m) disposal of its frozen meals businesses Bertolli and PF Chang’s Home Menu in North America to US food company ConAgra Foods Inc (NYSE:CAG).
Under the deal, ConAgra Foods secures licences for the use of both brands, expanding its presence in the freezer case segment.
Unilever keeps the Bertolli trademark and will continue making the Bertolli pasta sauce at its plant in Owensboro, Kentucky, it said.
With the transaction announced on 30 July, ConAgra Foods continues to grow its core operations and to expand into strategic adjacencies, it has said. It plans to use its vast frozen food and innovation capabilities to further develop the acquired brands, CEO Gary Rodkin has said in a comment at the time.
This transaction is ConAgra Foods’ fifth deal in the past 12 months, following the acquisition of National Pretzel Company, Del Monte Canada, Odom’s Tennessee Pride and the pita chip business of Kangaroo Brands.
For its part, Unilever said it had sold the business, comprising a full range of premium, multi-serve frozen entrees and appetisers, as part of its global strategy to dispose of the frozen food operations. The company has previously exited its frozen food business in Europe.
The Bertolli and PF Chang’s brands generated combined revenues of around USD300m last year.