Conagra Brands acquires Pinnacle Foods to create US frozen food giant

Conagra Brands has acquired its rival Pinnacle Foods for an investment of $10.9 billion, creating a US frozen food giant that ranks second only to Nestlé.

With the acquisition of Pinnacle, the Chicago-based company that owns brands including Banquet, Hunt’s, Healthy Choice, Marie Callender’s and Egg Beaters has strengthened its position in the frozen food sector, an expanding segment that is even proving popular amongst millennials.

Conagra Foods’ brand portfolio also includes the Italian olive oil and pasta sauce producer Bertolli, which was acquired from Unilever in 2012. 

More than half of Pinnacle’s revenue is generated from sales of frozen food brands such as Vlasic, Birds Eye, Van de Kamp’s and the vegetarian food line Gardein.

Conagra Brands expects to achieve approximately $215 million in annual run-rate cost synergies by the end of fiscal year 2022.