ConAgra Foods Inc (NYSE: CAG) has agreed to acquire Odom’s Tennessee Pride, a leading producer of frozen and refrigerated breakfast sandwiches and sausage.
The agreement includes facilities in Little Rock AR and Dickson TN, and its headquarters office in Madison TN. Odom’s Tennessee Pride has approximately 750 employees, annual revenue in excess of $190 million, and is the second-largest producer of frozen breakfast sandwiches in the United States. Financial terms of the transaction, expected to close within the next 45 days and subject to customary closing conditions, were not disclosed.
Fitting with the company’s strategy of expanding into high-growth adjacencies, the acquisition of Odom’s Tennessee Pride would build ConAgra Foods’ capabilities in frozen breakfasts, a key adjacency to its frozen meals business.
“The acquisition of Odom’s Tennessee Pride will build on our strong position in frozen meals and allow us to leverage our existing innovation, marketing and distribution abilities,” said Gary Rodkin, chief executive officer of ConAgra Foods.
“We are proud of the business we’ve built over the past three generations,” said Larry Odom, chairman and CEO of Odom’s Tennessee Pride. “We are excited to join ConAgra Foods and we look forward to being a part of their growth plans.”
The proposed acquisition would be the third in the past year for ConAgra Foods, after the acquisitions of National Pretzel Company and Del Monte Canada.
For more information, visit www.conagrafoods.com.
