Bellisio Foods agrees to acquire Overhill Farms
Bellisio Foods Inc, producer of frozen entrées, has entered into a definitive agreement to acquire Overhill Farms Inc. (NYSE-MKT: OFI), 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 has been unanimously approved by the boards of both companies. It 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. Transaction completion is expected to occur in summer 2013.
California-based Overhill Farms has clients including Panda Restaurant Group Inc, Jenny Craig Inc, Safeway Inc, Target Corporation, Pinnacle Foods Group LLC, and American Airlines Inc.
Joel Conner, Bellisio’s chairman and chief executive officer, said, “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, he 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 a co-manufacturing and distribution agreement.
More information is available at www.bellisiofoods.com and www.michelinas.com.