Congra Brands explores strategic alternatives for Gelit

Conagra Brands is looking at strategic alternatives for its Italy-based frozen pasta business, Gelit.

Based in Doganella di Ninfa, Gelit is a producer of frozen food and ready meals, which are predominantly distributed to private-label customers.

It has around 145 full-time employees and supplies products to a range of international customers.

Conagra Brands has engaged BNP Paribas to help it in exploring strategic alternatives.

The company has neither set aside a time period for the changes, nor has it taken any decisions on strategic options.

It also noted that no assurance can be given as to the outcome of the process.

Chicago-based Conagra Brands has not disclosed any further details.

Conagra acquired Gelit as part of its transaction to acquire private-label food manufacturer Ralcorp in 2012.

Ralcorp acquired Gelit just a few months before it was acquired by Conagra.

Conagra Brands’ portfolio includes Birds Eye, Marie Callender’s, Banquet, Healthy Choice, Slim Jim, Reddi-wip and Vlasi.

In December 2018, Canadian agriculture and food processing company Richardson International signed an agreement to acquire Wesson oil, which is owned by Conagra Brands.

In October, Conagra Brands completed the acquisition of Pinnacle Foods for $10.9bn. The deal saw brands such as Birds Eye, Duncan Hines, Earth Balance and EVOL, Erin’s and Gardein being added to Conagra’s portfolio.

In July, Bonduelle completed the acquisition of Del Monte’s processed fruit and vegetable business in Canada from Conagra Brands for nearly C$43m ($32m).