ConAgra Foods Acquires Elan Nutrition from an Affiliate of Sun Capital Partners
April 12 2010 - 3:30PM
Business Wire
ConAgra Foods, Inc. (NYSE: CAG) announced today that it has
acquired Elan Nutrition, a privately-held formulator and
manufacturer of snack and nutrition bars based in Grand Rapids,
Mich. Financial terms of the transaction, which closed today, were
not disclosed. The Elan Nutrition business will be managed as part
of ConAgra Foods’ Snacks platform and integrated specifically into
its Store Brands business, which primarily makes cereal and snack
bars sold under retailer labels.
The acquisition of Elan Nutrition, owned by an affiliate of Sun
Capital Partners, Inc. since 2003, will allow ConAgra Foods to grow
its private label bar business through new product development
capabilities and manufacturing capacity. Elan Nutrition’s
manufacturing facility in Grand Rapids was included in the deal and
will operate as a ConAgra Foods plant. ConAgra Foods intends to
hire Elan Nutrition employees.
“Acquiring Elan Nutrition allows us to continue growing and
expanding our very successful snack bar business within our
Consumer Foods portfolio,” said Gary Rodkin, chief executive
officer, ConAgra Foods. “We are confident in the growth potential
of this important category and expect a smooth integration of Elan
Nutrition’s business and capabilities into our Snacks
platform.”
ConAgra Foods currently manufactures private label bars at its
facility in Lakeville, Minn. That facility is not impacted by this
acquisition and will continue to operate as normal.
Given the relatively small size of the acquisition, this deal
does not alter the company’s EPS guidance.
About ConAgra Foods
ConAgra Foods, Inc., (NYSE: CAG) is one of North America’s
leading food companies, with brands in 96 percent of America’s
households. Consumers find Banquet, Chef Boyardee, Egg Beaters,
Healthy Choice, Hebrew National, Hunt’s, Marie Callender’s, Orville
Redenbacher’s, PAM, Peter Pan, Reddi-wip and many ConAgra Foods
brands in grocery, convenience, mass merchandise and club stores.
ConAgra Foods also has a strong business-to-business presence,
supplying frozen potato and sweet potato products as well as other
vegetable, spice and grain products to a variety of well-known
restaurants, foodservice operators and commercial customers. For
more information, please visit us at www.conagrafoods.com.
Note on Forward-looking Statements
This release contains forward-looking statements. These
statements are based on management's current views and assumptions
of future events and financial performance and are subject to
uncertainty and changes in circumstances. The company undertakes no
responsibility for updating these statements. Readers of this
release should understand that these statements are not guarantees
of performance or results. Many factors could affect the company's
actual financial results and cause them to vary materially from the
expectations contained in the forward-looking statements. These
factors include, among other things: availability and prices of raw
materials; the impact of the accident at the Garner, N.C.,
manufacturing facility, including the ultimate costs incurred and
the amounts received under insurance policies; product pricing;
future economic circumstances; industry conditions; the company's
ability to execute its operating plans; the success of the
company's innovation, marketing, and cost-saving initiatives; the
competitive environment and related market conditions; operating
efficiencies; the ultimate impact of the company's recalls; access
to capital; actions of governments and regulatory factors affecting
the company's businesses; the amount and timing of repurchases of
the company's common stock, if any; and other risks described in
the company's reports filed with the Securities and Exchange
Commission. The company cautions readers not to place undue
reliance on any forward-looking statements included in this
release, which speak only as of the date made.
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