Dive Summary:
- Bellisio Foods has agreed to buy frozen food supplier Overhill Farms for $80.9 million, or $5 a share.
- Over the last few years, Overhill Farms has produced frozen food products for Target Corp., Boston Market, Panda Restaurant Group, Jenny Craig, Safeway, Pinnacle Foods Group and American Airlines.
- Shareholders still need to approve the deal, which is expected to be concluded this summer.
From the article:
"The addition of Overhill Farms’ manufacturing capabilities and its customer and brand portfolios align perfectly with Bellisio’s growth strategies," Bellisio CEO Joel Conner said in a news release. “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."