• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Stock

Exclusive-Slim Jim maker Conagra exploring sale of Chef Boyardee, sources say

by December 5, 2024
written by December 5, 2024

By Abigail Summerville

NEW YORK (Reuters) – Conagra Brands (NYSE:CAG), the maker of Slim Jim beef jerky and Healthy Choice frozen meals, is looking to sell its popular canned pasta brand Chef Boyardee, according to people familiar with the matter.

The Chicago, Illinois-based packaged food company tapped investment bank Centerview Partners to gauge interest in the business, which could be valued at well over $500 million, the sources said, requesting anonymity as the discussions are confidential.

Potential buyers for Chef Boyardee, which was named after Italian-American chef Hector Boiardi, include other packaged food companies and private equity firms, the sources said.

The move comes as Conagra is grappling with a slowdown in sales, as it attempts to weather the impact of price inflation that has forced consumers to cut back on spending on groceries.

Its shares have fallen about 16% in the past three months, giving Conagra a market value of $13 billion.

Conagra, which also owns Orville Redenbacher’s popcorn, Hunt’s ketchup and Birds Eye frozen meals, has recently launched new products, rolled out more discounts and slowed down price increases of food brands to woo customers.

As it focuses on launching new products, Conagra is looking to divest parts of its packaged foods portfolio it views as non-core. On its most recent post-earnings call, Chief Executive Sean Connolly said Conagra would look to divest “low-growth businesses,” without specifying which brands it would consider offloading.

Chef Boyardee was launched in 1928 by Italian-American chef Hector Boiardi and his brothers, who used a phonetic spelling for the brand to ensure that Americans would pronounce it correctly.

Conagra acquired Chef Boyardee, which is housed within Conagra’s grocery and snacks business, in 2000 through its $2.9 billion deal for International Home Foods.

For the 12-month period ended May 26, the segment’s net sales declined 3.1% from a year earlier, primarily due to the impact of inflation.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Citi M&A veteran Cary Kochman to retire, sources say
next post
Would a December Fed rate cut be a mistake? Macquarie weighs in

You may also like

BASF results down on impairments, restructuring

January 27, 2025

European chipmakers slump as traders gauge DeepSeek AI...

January 27, 2025

Nasdaq futures tumble as China’s AI push rattles...

January 27, 2025

China Vanke’s CEO, chairman resign amid growing liquidity...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

Italy’s MPS shares fall ahead of Mediobanca board...

January 27, 2025

British Land stock drops following stake sale

January 27, 2025

UMG shares rally after new multi-year pact with...

January 27, 2025

BASF shares indicated 3% lower as impairments drag...

January 27, 2025

Ryanair cuts 2026 traffic forecast amid ongoing Boeing...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Trump implies government could cut contracts and subsidies to Musk’s companies

      June 7, 2025
    • Procter & Gamble to cut 7,000 jobs as part of broader restructuring

      June 6, 2025
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

      June 6, 2025
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

      June 5, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (505)
    • Stock (6,426)

    Latest News

    • Trump implies government could cut contracts and subsidies to Musk’s companies
    • Procter & Gamble to cut 7,000 jobs as part of broader restructuring

    Popular News

    • Exclusive-Unilever nearly halves expected European job cuts, switching some staff to ice cream unit-works council
    • Israel stocks higher at close of trade; TA 35 up 0.25%

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy