Hillshire Brands to Acquire Pinnacle Foods for $4.3 Billion
Hillshire Brands, the company behind Hillshire Farm, Jimmy Dean, Ball Park, and Sara Lee frozen bakery, announced on May 12th that it will acquire Pinnacle Foods, for $4.3 billion. Including the company’s debt, the deal is estimated to be worth $6.6 billion.
The purchase of Pinnacle Foods, which includes Birds Eye, Vlasic, Aunt Jemima, and Hungry Man, will considerably extend Hillshire’s reach in supermarkets across the country.
Sean Connolly, Hillshire’s CEO, told Crain’s Chicago that although it was too soon to tell whether the company would retain all of Pinnacle’s brands, they would likely invest heavily in the strongest brands.
"Meats go with vegetables, sandwiches go with pickles," Connolly said of the deal.
In April, Hillshire also announced the purchase of Van’s Natural Foods, which makes gluten-free products like cereal and snack bars. In September 2013, Hillshire acquired Golden Island, the makers of gourmet jerky products, for $35 million.
Karen Lo is an associate editor at The Daily Meal. Follow her on Twitter @appleplexy.