Conagra on Thursday announced an agreement to sell its Chef Boyardee brand to the owner of the Pillsbury and Hungry Jack labels in a deal worth $600 million.
The move would add the famed canned and microwave pasta label to Hometown Food Company, formed by private equity firm Brynwood Partners. Hometown’s other brands include Arrowhead Mills, Birch Benders and Jim Dandy.
The transaction would include the brand’s shelf-stable products and a factory in central Pennsylvania. Hometown intends to license Chef Boyardee’s frozen skillet meals to Conagra. The acquisition is expected to close in the first quarter of Conagra’s fiscal year 2026, subject to regulatory approval and other closing conditions.
The products included in the deal contributed an estimated $450 million to Conagra’s fiscal 2024 net sales. Hometown said that after adding the brand, it will have four U.S. manufacturing facilities, a workforce of around 1,500, and annual gross revenues of more than $1.6 billion.
“The Chef Boyardee acquisition marks the single largest acquisition in Brynwood’s 40-year history,” Henk Hartong, chairman and CEO of Brynwood Partners, said in a statement. “We are excited to add the iconic Chef Boyardee brand to the Hometown collection of nostalgic brands that offer a longstanding rich heritage.”
Conagra officials, meanwhile, said that the deal would advance its efforts to reshape its portfolio and pay down its debt.
“By deepening our focus on our leading, growth-oriented frozen and healthy-snacking businesses, we continue to build a more focused company with modern consumer brands,” said Conagra President and CEO Sean Connolly.