Hometown Food Company acquires Chef Boyardee brand from Conagra in $600m deal

Hometown Food Company, a portfolio business of Brynwood Partners IX L.P., has entered into a definitive agreement to acquire the Chef Boyardee brand from Conagra Brands, Inc. for $600 million. The transaction includes the 820,000-square-foot production facility in Milton, Pennsylvania and all related assets and operations dedicated to the brand. Completion of the deal is expected in the second quarter of 2025, pending standard regulatory review in the United States.

What does the Chef Boyardee acquisition include?

The $600 million deal covers both the Chef Boyardee brand and its associated manufacturing infrastructure. This includes the Milton, Pennsylvania plant, which spans over 820,000 square feet and employs about 500 people. All operational assets tied to the brand will transfer to Hometown Food Company upon deal completion.

Why is Chef Boyardee a strategic fit for Hometown Food Company?

Chef Boyardee is a leading shelf-stable meal brand with more than a century of heritage. Its core products — such as Beef Ravioli, Mini Ravioli, and Spaghetti & Meatballs — are widely distributed across major U.S. grocery chains and discount retailers, with an additional footprint in Canada and Puerto Rico. The acquisition allows Hometown to expand its presence in the ready-to-eat meals category and diversify its product base.

How does this acquisition impact Hometown Food Company’s growth?

Following the addition of Chef Boyardee, Hometown Food Company‘s gross annual revenues are projected to exceed $1.6 billion. The firm will operate four manufacturing sites across key U.S. regions and employ around 1,500 staff. The Milton plant will enhance Hometown’s production capabilities and geographic coverage.

What is Brynwood Partners’ role in the transaction?

Brynwood Partners, based in Greenwich, Connecticut, is the private equity firm behind Hometown Food Company. It specialises in acquiring non-core brands from major consumer companies. This transaction marks Brynwood’s largest investment in its 40-year history. The firm now owns 20 U.S. manufacturing facilities and supports over 5,500 employees across its portfolio companies.

What other brands are in the Hometown Food Company portfolio?

Since its formation in 2018, Hometown has acquired Pillsbury’s U.S. shelf-stable baking business, Hungry Jack, White Lily, and Martha White from The J.M. Smucker Company. It later added Arrowhead Mills from The Hain Celestial Group, merged with De Wafelbakkers in 2022, and purchased Birch Benders from Sovos Brands in 2023.

How will the transition from Conagra to Hometown be managed?

Hometown CEO Tom Polke confirmed that the Chef Boyardee brand would be integrated into the company’s operations and managed from its corporate headquarters in Chicago. He stated that Hometown would work closely with Conagra to ensure a seamless business transfer. Legal advisory for the transaction was provided by Holland & Knight LLP.

What does this mean for Conagra Brands?

The sale allows Conagra Brands to divest a legacy brand while potentially focusing on other strategic growth categories. Conagra did not comment on the use of proceeds from the transaction, which remains subject to standard U.S. regulatory review.

What is Brynwood’s broader acquisition strategy?

Brynwood has completed more than 60 brand acquisitions from over 20 different corporate sellers since its founding. The firm targets underinvested or non-core assets in the consumer sector and applies operational focus to scale and reposition these businesses. Its total managed assets currently exceed $2.3 billion.