MINNEAPOLIS--(BUSINESS WIRE)--Bellisio Foods, Inc.:
- Expands Bellisio Foods’ leadership position in frozen entree and snack markets
- Addition of Boston Market® license expands Bellisio’s “family of brands” strategy
- Increases Bellisio Foods’ blue chip foodservice and private label customer base
Bellisio Foods, Inc. (“Bellisio”), the country’s third-largest producer of frozen entrées, announced today that it has entered into a definitive agreement to acquire Overhill Farms, Inc. (NYSE-MKT: OFI), (“Overhill Farms”), a developer, producer and supplier of custom prepared frozen foods, including those distributed under the Boston Market® brand. In fiscal year 2012, Overhill Farms reported net revenues of $194.4 million. Completion of the transaction, which has been unanimously approved by the boards of both companies, is subject to customary conditions, including approval of Overhill Farms’ shareholders, expiration or termination of the waiting period under the Hart-Scott-Rodino Act and receipt of specified third party consents, and is expected to occur later this summer.
Overhill Farms is a value-added supplier of branded and private label frozen foods for the retail and foodservice markets. The California-based company offers a one-stop solution for new product development and precise replication of existing recipes. Its customers include Panda Restaurant Group, Inc., Jenny Craig, Inc., Safeway Inc., Target Corporation, Pinnacle Foods Group LLC, and American Airlines, Inc. among others.
Joel Conner, Bellisio’s Chairman and Chief Executive Officer, said, “I am pleased to announce this acquisition. The addition of Overhill Farms’ manufacturing capabilities and its customer and brand portfolios align perfectly with Bellisio’s growth strategies to expand our customer base, strengthen our brand portfolio, invest in high-growth platforms, and leverage our manufacturing disciplines to generate strong returns.”
The acquisition, Conner noted, reflects the strong two-year partnership between Bellisio and Overhill Farms, pursuant to which they together produce and distribute frozen meals under the Boston Market brand through an exclusive co-manufacturing and distribution agreement.
“We believe that Overhill’s brand portfolio and west coast manufacturing presence enables us to unlock meaningful synergies and better serve existing and new customers through expanded capabilities and a broader offering,” Mr. Conner said. “We look forward to working with Overhill Farms’ employees and customers as we incorporate this business into Bellisio.”
ABOUT BELLISIO FOODS
Bellisio Foods, Inc. is a fast growing
company with a history of creating innovative, quality foods that
delight consumers. A portfolio company of Centre Partners Management,
LLC, since 2011, Bellisio employs approximately 1,300 employees and
produces more than 200 frozen entrees and snacks which are sold under
the Michelina's®, Boston Market® and other brands as well as under
private label. Bellisio also co-packs products for leading retailers and
consumer packaged goods companies. Bellisio believes the highest
quality, value meals are created by good people using only the freshest
ingredients in a safe manner. Bellisio’s dedication to quality and value
has made its Michelina's brand a world leader in frozen entrees and
snacks. The company’s products are sold at grocery stores throughout the
United States, Canada, and other select markets worldwide. Additional
information is available at www.bellisiofoods.com
and www.michelinas.com.