Thailand's Charoen Pokphand buys Bellisio from US GP

Centre acquired Bellisio in late 2011 for an undisclosed sum. During this period, it claims to have more than doubled revenue, which amounted to $668 million for the 2016 financial year. Under Centre, the company expanded its core Michelina's product line to include a number of other lifestyle brands, including Boston Market, Chili's, Atkins and Eating Well. This growth process also included strategic acquisitions, license agreements and a series of operational initiatives to enhance performance.

"We have enjoyed a highly productive partnership with Centre Partners," Joel Conner, chairman of Bellisio said in a statement. "Our team's success was clearly enhanced by Centre Partners' support and resources, and we couldn't be more pleased with the outcome."

Founded in 1990, Bellisio is considered the third-largest frozen food company in North America, with more than 400 products spanning categories such as single and multi-serve meals, snacks, side dishes and specialty sauces. It operates four production facilities across the US and claims to be able to distribute nationwide within 48 hours. CPF said it was acquiring the group as part of an effort to tap high-potential international markets and establish itself as the "kitchen of the world."

"Through our partnership with Joel Conner and his management team, the successful execution of the company's strategic initiatives has generated sustained top-line growth and tremendous enhancements to profitability," added Bruce Pollack, a managing partner at Centre. "Bellisio's innovative product portfolio, diversified customer base, and cost-effective manufacturing and distribution capabilities form an enviable platform for continued growth."

Centre focuses on mid-market investments in consumer and healthcare sectors. It claims to have invested some $2 billion in equity capital in more than 75 transactions since 1986.

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• Topics
• Southeast Asia
• North America
• Consumer
• Trade sale
• Thailand
• USA