Thai food major CP Foods has completed the acquisition of US-based Bellisio Foods Inc in a $1 billion deal.

The private equity firm Centre Partners Management LLC exited all of the outstanding interests in Bellisio as part of the deal.

Bellisio, founded in the 1990s, manufactures and distributes single-serve frozen entrees with products branded Michelina’s, Atkins, Boston Market, Chili’s, EatingWell, and Eat!.

Meanwhile, CP Foods – with investments and operations in 14 countries, is one of Southeast Asia’s integrated foods business groups.

The company operates in both the livestock and aquaculture businesses.

“This transaction represents a breakthrough for CPF into the world’s largest food market and is a significant milestone in our journey towards becoming the ‘kitchen of the world’,” said Adirek Sripratak, CEO of CP Foods.

The acquisition enables the Thai company to gain access to the North American market, which Sripratak said would generate greater value for shareholders.

The existing management team and wider employee base will remain in place following the shift in ownership, with Bellisio continuing to be strongly committed to its existing customers and suppliers as well as Minneapolis, where it will continue to be headquartered, and all regions where it has operations, CP Foods said in a Friday statement.

Centre Partners, which has invested over $2 billion of equity capital in more than 75 transactions since its inception, acquired Bellisio in 2011.

Last month, it announced the sale of the food company without disclosing the return. A PE Hub report said Centre Partners made a 6x multiple upon the transaction.

The post CP Foods acquires US firm Bellisio for $1b, Centre Partners exits appeared first on DealStreetAsia.

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DEALSTREETASIA Pte. Ltd. is a news and intelligence platform providing reports on investments, mergers, acquisitions, private equity, venture capital, investment banking and the business of startups across the Asian region.

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DEALSTREETASIA Pte. Ltd. is a news and intelligence platform providing reports on investments, mergers, acquisitions, private equity, venture capital, investment banking and the business of startups across the Asian region.

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