Conagra completes deal for Parsippany’s Pinnacle

By Eric Strauss
Parsippany | Oct 29, 2018 at 7:00 am

Conagra Brands Inc. announced Friday that it has completed its $10.9 billion acquisition of Parsippany-based Pinnacle Foods.

The deal gives Chicago-based Conagra brands including Birds Eye, Duncan Hines, Earth Balance and Vlasic, as well as Gardein, Wish-Bone, EVOL and others.

“Expanding Conagra Brands’ portfolio through the acquisition of Pinnacle Foods creates a tremendous opportunity to drive profitable growth and shareholder value by further leveraging our proven approach to innovation, brand-building, operational excellence and deep customer relationships,” Sean Connolly, CEO and president of Conagra, said in a prepared statement.

“We are excited to combine the Pinnacle and Conagra Brands portfolios in the attractive frozen meals and snacks and sweet treats categories. The complementary brands, operations and results-oriented cultures will help facilitate an effective integration and the continued transformation of Conagra Brands.”

The cash-and-stock deal was first announced in June.

“Today’s transaction provides Pinnacle Foods shareholders with substantial and immediate value, as well as the opportunity to participate in the significant upside potential of the combined company,” Pinnacle CEO Mark Clouse said at that time. “Because of our employees’ incredible work, Pinnacle’s total shareholder return is approximately 275 percent since our IPO, and today marks an important milestone in the company’s journey.”

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Eric Strauss | estrauss@roi-nj.com | acerimrat