Platinum Equity signs agreement to acquire JM Swank from ConAgra Foods

US-based Platinum Equity has signed a definitive agreement to acquire JM Swank from ConAgra Foods.

Terms of the transaction have not been divulged.

ConAgra Foods president and chief executive officer Sean Connolly said: "Our goal continues to be driving greater shareholder value by making ConAgra Foods a more focused and higher performing company.

"The divestiture of JM Swank is the most recent step we have taken to allow us to drive growth by continuing to invest in our product portfolio."

JM Swank is a food ingredient sourcing and distribution company.

Platinum Equity CEO Tom Gores said: "We are proud of the relationship we’ve developed with ConAgra Foods and look forward to working together throughout the transition and beyond."

Following the completion of the deal, JM Swank is expected to be an key supplier for ConAgra Foods.

Wells Fargo Securities served as exclusive financial adviser to ConAgra Foods on the transaction.

In recent years, Platinum Equity has made several acquisitions, including Bemis Company, CBS, AP Moeller Maersk, Deutsche Post DHL, Emerson, Volvo and Itochu Corporation.