Hometown Food Company, backed by Brynwood Partners IX L.P., has agreed to acquire the Chef Boyardee brand from Conagra Brands for $600 million, including its manufacturing facility in Milton, PA.

Target Information

Hometown Food Company, a portfolio company of Brynwood Partners IX L.P., has officially entered into a definitive agreement to acquire the Chef Boyardee® brand for $600 million from Conagra Brands, Inc. This strategic acquisition encompasses not only the well-known Chef Boyardee brand but also includes the 820,000 square-foot manufacturing facility located in Milton, Pennsylvania. The agreement covers all assets and operations associated with the Chef Boyardee brand, with the transaction expected to conclude in the second quarter of 2025, contingent upon standard regulatory reviews in the United States.

Chef Boyardee holds a significant place in American culinary history as a premier brand in the shelf-stable meal category, featuring both canned and microwavable products. The brand's origins date back over a century to the early 1900s when Chef Hector Boiardi, an Italian immigrant, founded the brand. Its popular offerings, such as Beef Ravioli, Spaghetti & Meatballs, Mini Ravioli, and Beefaroni, have gained widespread consumer trust and recognition across generations. Chef Boyardee products are mainly distributed through grocery stores, mass retailers, and dollar shops throughout the United States, with an expanding market presence in Canada and Puerto Rico. The Milton manufacturing facility, employing nearly 500 people, will further enhance Hometown's current operations, which already span three manufacturing sites.

Industry Overview in the United States

The shelf-stable meal industry in the United States has exhibited robust growth in recent years, driven by convenience and changing consumer preferences towards ready-to-eat and easy-to-prepare meals. The market has witnessed an increasing demand for ti