CPF agrees to take over Bellisio Parent

Thailand-based Charoen Pokphand Foods (CPF) has agreed to acquire American frozen food company Bellisio Parent for $1bn.

The transaction is subject to customary closing conditions and regulatory approvals. Both companies anticipate that the transaction will be closed within 180 days.

Bellisio group chairman and CEO Joel Conner said: “We are deeply grateful to Centre Partners for their support and guidance since partnering with us five years ago.

“I believe that our partnership with CPF will allow us to propel Bellisio through its next phase of growth.”

Established in 1990, Bellisio has approximately 50,000 distribution points spread across the US, which distributes the company’s products.

It is the third largest producer of single-serve frozen entrees in the US by unit share, with well-known household brands such as Michelina’s, Boston Market, Chili’s, and Atkins.

Bellisio recently introduced its new EatingWell and EAT! brands in the US market, which focus on balanced food solutions that promote healthy lifestyles.

CPF CEO Adirek Sripratak said: "This transaction marks the first step of our entry into the world's largest food market, where we see significant growth and synergy opportunities.

“We believe that through leveraging our combined strengths at CPF 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 CPF’s strategic direction to expand into high-potential market. After the transaction, CPF’s revenue contribution from food business will rise.”