Bonduelle today announced it has entered into an agreement to acquire Ready Pac Foods, the U.S. producer of convenience fresh meal solutions, salads and fresh cut produce. The transaction is expected to close by the end of March 2017 following routine regulatory reviews and approvals. Upon closing, Bonduelle will acquire 100% of the common stock of Ready Pac Foods and plans to run the business as a wholly-owned subsidiary.
The acquisition will help fuel the growth of both companies in the fresh food space. Bonduelle will expand its fresh business, one of the fastest growing categories in vegetables, to the U.S., a market in which it has limited presence. The move will make the U.S. the largest country of operation for Bonduelle. Ready Pac Foods will benefit from a greater level of investment in its growth, innovation and global reach. In addition to shared business goals, the companies also share strong cultural ties including corporate social responsibility and key core values.
“We were impressed with the strength of Ready Pac Foods operational excellence, commitment to innovation, and talented management team,” said Bonduelle Chairman and Chief Executive Officer, Christophe Bonduelle. “Our interest in Ready Pac Foods was not only because of its attractive product segment and rapid growth, but the value the company
delivers to their customers and their committed workforce.”
Ready Pac Foods and Bonduelle share a common purpose – to help people live healthier lives through innovative fresh food products. Ready Pac Foods’ portfolio of products complements existing Bonduelle products throughout the world. Bonduelle’s leadership and expertise in agro-industry, along with its global presence and knowledge, will help Ready Pac Foods grow to its full potential and beyond.
“Ready Pac Foods has seen significant growth over the last several years and joining forces with Bonduelle validates our current business approach,” said Ready Pac Foods Chief Executive Officer, Tony Sarsam. “This is a fantastic new chapter for our 3,500 Associates and a great step forward. We are thrilled with this investment in our company strategy, and know Ready Pac Foods is going to be right at home with the Bonduelle family of companies.”
Sarsam, who joined Ready Pac Foods in 2013, led the company to significant growth and profitability through his focus on expanding fresh prepared meals and driving operational excellence. Upon closing, Sarsam will continue to lead Ready Pac Foods, reporting directly to Christophe Bonduelle. There will be no changes to Ready Pac Food's leadership team.
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Catharine Cody
Peppercom
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