Conagra Brands completes divestiture of Gelit business

US-based food company Conagra Brands has completed the sale of its frozen pasta business Gelit to an Italian investment company.

The investment company is owned by a consortium of financiers, including Consilum SGR, Progressio SGR and MMM, whose reference shareholder is Massimo Menna.

Conagra Brands agreed to divest the entire equity interest in Gelit on 6 May.

Financial details of the deal were not disclosed.

Headquartered in Doganella di Ninfa, Italy, Gelit produces Italian frozen food and ready meals, primarily for private label customers.

In January, Conagra announced that it was exploring strategic alternatives for its frozen pasta business.

For this deal, BNP Paribas acted as the sole financial adviser to Conagra Brands, while Jones Day served as its legal adviser.

In February, Canadian agriculture and food processing company Richardson International completed the acquisition of Wesson oil brand from packaged foods company Conagra Brands.

The transaction, which was signed in December 2018, included all assets exclusively associated with the Wesson brand, such as the facility in Memphis, Tennessee.

With 120 employees working at the 280,000ft² Memphis manufacturing plant, the deal expands Richardson’s presence in the US and complements the company’s existing food and ingredients division.