Bellisio Foods Acquires Overhill Farms

Bellisio Foods, Inc., the country’s third-largest producer of frozen entrées, announced that it has entered into a definitive agreement to acquire Overhill Farms, Inc., 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, which has been unanimously approved by the boards of both companies, 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, and is expected to occur later this summer.

Overhill Farms is a value-added supplier of branded and private label frozen foods for the retail and foodservice markets. The California-based company offers a one-stop solution for new product development and precise replication of existing recipes, according to the release. Its customers include Panda Restaurant Group, Inc., Jenny Craig, Inc., Safeway Inc., Target Corporation, Pinnacle Foods Group LLC, and American Airlines, Inc. among others.

Joel Conner, Bellisio’s chairman and chief executive officer, said in a prepared statement, “I am pleased to announce this acquisition. 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, Conner 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 an exclusive co-manufacturing and distribution agreement.

“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,” Conner said. “We look forward to working with Overhill Farms’ employees and customers as we incorporate this business into Bellisio.”

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