CNBC: Conagra looks to acquire Boulder Brands’ parent firm

Conagra Brands is looking to acquire Pinnacle Foods, the parent company of Boulder Brands.

The deal was first reported by CNBC, who cited sources close to the matter saying it could be announced later this week.

The acquisition would pair two of the largest frozen-food companies: Conagra has Healthy Choice and Pinnacle has Bird’s Eye. It would be the second-largest frozen food company behind Nestle.

Both companies have undergone transformations over the year: Conagra has been modernizing its business, investing in a frozen food business that would attract health- and budget-conscious millennials, reports CNBC.

Pinnacle made a similar move, acquiring Boulder Brands — which makes gluten-free products like Udi’s and Glutino — for about $710 million in 2016, according to BizWest archives. (CNBC reports the 2016 deal to be about $975 million.)

Sources close to the deal have reiterated however that it is not final and could still fall through.

This isn’t the first acquisition Conagra has made of a Boulder company. Last year, the company acquired Thanasi Foods, which makes Duke’s meat snacks and BIGS seeds.

 

Conagra Brands is looking to acquire Pinnacle Foods, the parent company of Boulder Brands.

The deal was first reported by CNBC, who cited sources close to the matter saying it could be announced later this week.

The acquisition would pair two of the largest frozen-food companies: Conagra has Healthy Choice and Pinnacle has Bird’s Eye. It would be the second-largest frozen food company behind Nestle.

Both companies have undergone transformations over the year: Conagra has been modernizing its business, investing in a frozen food business that would attract health- and budget-conscious millennials, reports CNBC.

Pinnacle made a similar move, acquiring Boulder Brands — which makes gluten-free products like Udi’s and Glutino — for about $710 million in 2016, according to BizWest archives. (CNBC reports the 2016 deal to be about $975 million.)

Sources close to the deal have reiterated however that it is not final and could still fall through.

This isn’t the first acquisition Conagra has made of a Boulder company. Last year, the company acquired Thanasi Foods, which makes Duke’s meat snacks and BIGS seeds.