Bellisio Foods said last week that it is buying Overhill Farms, which makes frozen foods for Target Corp., Boston Market and other brands, for approximately $81 million in cash.
The Minneapolis/St. Paul Business Journal reports that Overhill shareholders still must approve the deal. That is expected this summer.
Terms of the deal were not announced.
Overhill’s other customers include Panda Restaurant Group, Jenny Craig, Safeway, Pinnacle Foods Group and American Airlines. The California-based company had $194.4 million in sales for fiscal 2012.
“The addition of Overhill Farms’ manufacturing capabilities and its customer and brand portfolios align perfectly with Bellisio’s growth strategies,” Bellisio CEO Joel Conner said in a news release. “We believe that Overhill’s brand portfolio and West Coast manufacturing presence enables us to unlock meaningful synergies and better serve existing and new customers through expanded capabilities and a broader offering.”
Bellisio, which is based in Duluth, Minn., and is the third-largest producer of frozen entrees in the U.S., produces more than 200 frozen entrees and snacks under the Michelina’s name, among other brands.
Bellisio was owned by Jeno Paulucci and was sold to New York private-equity firm Centre Partners in December 2011.
