Hometown Set to Acquire Chef Boyardee Brand from Conagra for $600 Million
Deal News | May 01, 2025 | Brynwood Partners
Brynwood Partners, a private equity firm known for its investments in lower middle-market companies, announced that its portfolio company, Hometown Food Company, has entered a definitive agreement to acquire the Chef Boyardee brand from Conagra Brands, Inc. The acquisition is valued at $600 million and involves the associated manufacturing facility in Milton, Pennsylvania. Chef Boyardee, a brand with over a century of history and a leader in shelf-stable meals, has established a significant market presence in the U.S., Canada, and Puerto Rico. This acquisition marks Brynwood Partners' largest in its 40-year history, further expanding its influence in the consumer sector. Hometown Food Company plans to manage Chef Boyardee from its Chicago headquarters, augmenting its existing presence across the U.S. The deal, contingent on regulatory review, is expected to close in the second quarter of 2025. Legal advisory for Brynwood was provided by Holland & Knight LLP.
Sectors
- Consumer Products
- Private Equity
- Food & Beverage Manufacturing
Geography
- United States – The transaction involves U.S.-based companies and assets, including a facility in Pennsylvania and operations extending across the U.S.
- Canada – Chef Boyardee products have a strong presence in Canada, indicating cross-border operational impact.
- Puerto Rico – Chef Boyardee's market presence includes Puerto Rico, adding to the geographical reach of the brand.
Industry
- Consumer Products – Chef Boyardee and Hometown Food Company operate in the consumer products sector, focusing on food products like shelf-stable meals.
- Private Equity – Brynwood Partners, the private equity firm involved, is acquiring Chef Boyardee and plays a key role in investment in consumer brands.
- Food & Beverage Manufacturing – The acquisition involves manufacturing facilities and the production of well-known food products.
Financials
- $600 million – Price for the acquisition of Chef Boyardee by Hometown Food Company.
- $1.6 billion – Estimated annual gross revenues for Hometown Food Company post-acquisition.
- $3.7 billion – Total annual sales for Brynwood Partners' portfolio companies.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Brynwood Partners | Private Equity Firm | Company | An operationally-focused private equity firm investing in lower middle-market companies in North America. |
| Hometown Food Company | Buyer/Target Company | Company | A portfolio company of Brynwood Partners, acquiring Chef Boyardee. |
| Conagra Brands, Inc. | Vendor/Selling Company | Company | The selling company, divesting the Chef Boyardee brand to Hometown Food Company. |
| Chef Boyardee | Target Brand | Company | The iconic brand being acquired, known for its shelf-stable meal products. |
| Holland & Knight LLP | Legal Advisor | Company | Provided legal advisory services to Brynwood Partners for the acquisition. |