Conagra Brands Completes Divestiture of Chef Boyardee® Brand to Hometown Food Company, a Brynwood Partners Portfolio Company

Rhea-AI Summary

Conagra Brands (NYSE: CAG) has completed the sale of its iconic Chef Boyardee brand to Hometown Food Company, a portfolio company of Brynwood Partners. The transaction includes the manufacturing facility in Milton, Pennsylvania, along with all assets and operations related to Chef Boyardee's shelf-stable products business. Notably, Conagra will retain licensing rights for Chef Boyardee frozen skillet meals through a licensing agreement with Hometown Food Company. Conagra Brands, a leading North American food company with over $12 billion in fiscal 2024 net sales, continues to maintain a diverse portfolio of popular brands including Birds Eye, Duncan Hines, Healthy Choice, Marie Callender's, Reddi-wip, Slim Jim, and Angie's BOOMCHICKAPOP.

Positive

• Strategic divestiture allows Conagra to focus on core brands and potentially improve operational efficiency
• Maintains licensing rights for Chef Boyardee frozen skillet meals, preserving a revenue stream
• Company demonstrates portfolio optimization while retaining strong brands like Birds Eye and Duncan Hines

Negative

• Loss of revenue stream from Chef Boyardee shelf-stable products
• Reduction in manufacturing capacity with the sale of Milton, PA facility
• Potential loss of market share in the shelf-stable meals category

News Market Reaction – CAG

-0.35%

-0.35% Session move

In the trading session that priced this news, CAG declined 0.35%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

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CHICAGO, June 3, 2025 /PRNewswire/ -- Today Conagra Brands, Inc. (NYSE: CAG) announced that it has completed the divestiture of the Chef Boyardee^® brand to Hometown Food Company, a Brynwood Partners portfolio company. The transaction includes the manufacturing facility in Milton, Pa., as well as all assets and operations dedicated to the Chef Boyardee shelf-stable products business with the exception of frozen skillet meals, which will be licensed by Hometown Food Company to Conagra.

About Conagra Brands
Conagra Brands, Inc. (NYSE: CAG), is one of North America's leading branded food companies. We combine a 100-year history of making quality food with agility and a relentless focus on collaboration and innovation. The company's portfolio is continuously evolving to satisfy consumers' ever-changing food preferences. Conagra's brands include Birds Eye^®, Duncan Hines^®, Healthy Choice^®, Marie Callender's^®, Reddi-wip^®, Slim Jim^®, Angie's^® BOOMCHICKAPOP^®, and many more. As a corporate citizen, we aim to do what's right for our business, our employees, our communities and the world. Headquartered in Chicago, Conagra Brands generated fiscal 2024 net sales of more than $12 billion. For more information, visit www.conagrabrands.com.

For more information, please contact:
MEDIA:
Media@conagra.com
INVESTORS:
Matthew Neisius
IR@conagra.com

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SOURCE Conagra Brands, Inc.

FAQ

Why did Conagra Brands (CAG) sell Chef Boyardee?

While specific reasons weren't disclosed in the press release, the sale appears to be part of Conagra's strategic portfolio optimization efforts to focus on core brands and improve operational efficiency.

What assets were included in Conagra's Chef Boyardee sale to Hometown Food Company?

The sale included the Chef Boyardee brand, the manufacturing facility in Milton, PA, and all assets and operations related to shelf-stable products, except for frozen skillet meals which will be licensed back to Conagra.

Will Conagra still produce any Chef Boyardee products after the sale?

Yes, Conagra will continue to produce Chef Boyardee frozen skillet meals through a licensing agreement with Hometown Food Company.

Who is the buyer of Chef Boyardee from Conagra?

The buyer is Hometown Food Company, a portfolio company of Brynwood Partners.

What major brands does Conagra still own after selling Chef Boyardee?

Conagra continues to own major brands including Birds Eye, Duncan Hines, Healthy Choice, Marie Callender's, Reddi-wip, Slim Jim, and Angie's BOOMCHICKAPOP.