Bonduelle completes Ready Pac Foods acquisition
French processed vegetables producer Bonduelle has completed the $409m acquisition of Ready Pac Foods, a US-based producer of convenience fresh meal solutions, salads and fresh-cut produce.
Bonduelle has acquired 100% of the common stock of Ready Pac Foods and will run the latter as a wholly owned subsidiary.
The company anticipates that the acquisition will be useful for Ready Pac Foods, as the investment will be used towards the company’s growth, as well as enhancing its global footprint.
It also anticipates that the acquisition would increase its workforce.
Ready Pac Foods chief executive officer Tony Sarsam said: “Since joining Ready Pac Foods more than three years ago, I have witnessed the passion, hard work and dedication of our more than 3,500 associates across the country, resulting in a remarkable turnaround for the company, culminating in this acquisition.
“Joining the Bonduelle family of companies provides us with greater opportunities to grow and innovate, and we are thrilled to be embarking on this next chapter. We are looking forward to a bright future with Bonduelle.”
Ready Pac Foods has been in the fresh food business for nearly five decades, with its four production facilities in California, Georgia and New Jersey.
Bonduelle chairman and chief executive officer Christophe Bonduelle said: "This milestone acquisition for Bonduelle is a key step toward achieving our strategic ambition, VegeGo! 2025, to become the world reference in well-living through vegetable products.
"This acquisition will strengthen Bonduelle's international footprint and dramatically change our profile, offering new opportunities to Ready Pac Foods' business partners and employees, while delivering significant value to Bonduelle shareholders."
Bonduelle further explains that the acquisition is in line with its strategic plan, as it would allow them to strengthen their position in the consumer convenience and healthy food segments, and reinforce its footprint in the North American market.