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Industry NewsConagra to acquire Pinnacle Foods

Conagra to acquire Pinnacle Foods


The boards of directors of Conagra Brands and Pinnacle Foods have unanimously approved Conagra’s acquisition of all outstanding shares of Pinnacle Foods in a cash and stock transaction valued at approximately $10.9 B.

The acquisition will combine two growing portfolios of iconic brands, boost Conagra’s multi-year transformation plan and expand its presence in key categories such as frozen foods and snacks.

Pinnacle has annual net sales of more than $3 B, and its portfolio includes major brands such as Birds Eye, Duncan Hines, Hawaiian Kettle Style Potato Chips, Hungry-Man, Log Cabin and Vlasic.

Conagra and Pinnacle are two of the fastest growing companies in the consumer packaged foods industry by consumption. Conagra expects continued momentum based on the enhanced scale and new opportunities to partner with customers that the transaction will provide.

The transaction is expected to close by the end of calendar 2018, subject to the approval of Pinnacle Foods shareholders, the receipt of regulatory approvals and other customary closing conditions.

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