Brynwood Partners has agreed to acquire the iconic Chef Boyardee brand from Conagra Brands for $600m through its portfolio company Hometown Food.

The deal marks the largest acquisition in Brynwood’s 40-year history and includes a Pennsylvania manufacturing facility and the brand’s shelf-stable product line.

Chef Boyardee generated $450m in net sales during Conagra’s fiscal 2024. The frozen skillet meal range will be retained under licence by Conagra. The transaction is expected to close before the end of Conagra’s fiscal first quarter in late August.

Conagra CEO Sean Connolly said the deal reflects the company’s strategy to sharpen its focus on growth categories such as snacks and frozen meals. Recent moves include the divestitures of Peter Pan peanut butter and Wesson cooking oil, and the acquisition of premium meat brand Fatty.

“The Chef Boyardee divestiture marks another milestone in reshaping the Conagra Brands portfolio for better long-term growth, while also paying down debt,” Connolly stated.

Brynwood CEO Henk Hartong noted plans to revitalise the Chef Boyardee brand and expand into new product formats. Conagra originally acquired Chef Boyardee in 2000 as part of its $2.9bn purchase of International Home Foods.

Source: Wall Street Journal