Bonduelle to acquire Ready Pac Foods
French company Bonduelle has entered into an agreement to acquire Ready Pac Foods, a producer of convenience fresh meal solutions, salads and fresh cut produce. The transaction is expected to close by the end of March 2017 following routine regulatory reviews and approvals. Upon closing, Bonduelle will acquire 100 percent of the common stock of Ready Pac Foods and plans to run the business as a wholly-owned subsidiary.
The acquisition will help fuel the growth of both companies in the fresh food space, according to a press release issued by the companies. Bonduelle will expand its fresh business to the U.S., a market in which it has limited presence. The move will make the U.S. the largest country of operation for Bonduelle. Ready Pac Foods will benefit from a greater level of investment in its growth, innovation and global reach, the press release read. In addition to shared business goals, the companies also share cultural ties including corporate social responsibility and key core values.
“We were impressed with the strength of Ready Pac Foods operational excellence, commitment to innovation, and talented management team,” said Bonduelle Chairman and Chief Executive Officer Christophe Bonduelle. “Our interest in Ready Pac Foods was not only because of its attractive product segment and rapid growth, but the value the company delivers to their customers and their committed workforce.”
Ready Pac Foods CEO Tony Sarsam joined the company in 2013. Upon closing, Sarsam will continue to lead Ready Pac Foods, reporting directly to Christophe Bonduelle. There will be no changes to Ready Pac Foods leadership team.
Bonduelle, with more than $2 billion in revenue, is a family-owned company, with seven generations of the Bonduelle family involved since its founding in 1853. The French company owns four brands of canned, frozen and fresh vegetables with presence in 100 countries around the world.