STAMFORD, Connecticut (May 5, 2025) – Holland & Knight advised Hometown Food Company, a portfolio company of Brynwood Partners IX L.P., on its agreement to acquire the Chef Boyardee® brand for $600 million from Conagra Brands Inc. (NYSE: CAG). The transaction, announced on May 1, includes the 820,000-square-foot facility in Milton, Pennsylvania, as well as all assets and operations dedicated to the Chef Boyardee brand. The transaction is expected to close in the second quarter of 2025, subject to customary U.S. regulatory review.
Hometown Food Company was formed by Brynwood in 2018 to acquire a portfolio of brands from The J.M. Smucker Company, including the U.S. rights to the Pillsbury shelf stable baking products, Hungry Jack pancake mixes and syrups, Martha White and White Lily. Since then, Hometown has furthered its product offerings through the acquisition of Arrowhead Mills from The Hain Celestial Group Inc. in 2019, merger with De Wafelbakkers in 2022 and acquisition of Birch Benders from Sovos Brands Inc. in 2023.
With Chef Boyardee, Hometown will have annual gross revenues exceeding $1.6 billion, and have four manufacturing facilities across the Northeastern, Midwestern, South Central and Southeastern U.S., supported by approximately 1,500 employees.
Based in Greenwich, Connecticut, Brynwood Partners is an operationally focused private equity firm that has been making control investments in middle-market companies based in North America since 1984. The firm targets non-core brands and companies operating in the consumer sector.
Holland & Knight's representation of Hometown was led by Partners Martin Clarke and Seth Milligan and Associate Bianca Poehailos (M&A). They received assistance from Partner Gary Schoenbrun and Associate Jiyeon Barta (Tax); Partner John Dierking and Senior Counsel Ryan Kocse (Antitrust); Partner Stephen Humes and Associate Lecelle Clarke (Environmental); Partner Rachel Gartner (Food Safety); Partner Eric Rubin and Associates Rachel Long and Connor Jordan (Executive Compensation & Benefits); Partner Olufunke Leroy and Associate Karla Pizarro (Real Estate); Partner Christine Fuqua Gay and Associate Lee Sands (Labor & Employment); and Partner John Flaherty (Finance).
More information on the transaction can be found here.
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