Hometown Food Company Acquires Chef Boyardee Brand for $600 Million

Brynwood Partners IX L.P. has announced that its subsidiary, Hometown Food Company, has finalized the purchase of the Chef Boyardee® brand for $600 million from Conagra Brands, Inc. This deal includes the acquisition of the 820,000 square foot facility in Milton, PA, along with all assets and operations devoted to the Chef Boyardee brand. The transaction is set to be completed in the second quarter of 2025, pending standard U.S. regulatory review.

Chef Boyardee, a renowned American brand famous for its shelf-stable meals, has a legacy of over a century. The brand originated when Chef Hector Boiardi immigrated from Italy to the U.S. in the early 1900s. Known for its family-friendly recipes, Chef Boyardee has garnered consumer trust over generations and is particularly known for its Beef Ravioli, Spaghetti & Meatballs, Mini Ravioli, and Beefaroni products. The brand enjoys strong retail presence in the U.S., Canada, and Puerto Rico.

Hometown Food Company, which was established in 2018 by Brynwood, has been expanding its portfolio through strategic acquisitions. With the addition of Chef Boyardee, the company's annual gross revenues are expected to surpass $1.6 billion, with four manufacturing facilities and approximately 1,500 employees.. The company aims to revitalize the Chef Boyardee brand and quickly explore new formats. Hometown Food Company plans to integrate Chef Boyardee into its operations at the corporate headquarters in Chicago.

This acquisition further strengthens Brynwood's position as a leading corporate carveout partner, with a substantial manufacturing network, several employees, and over $3.7 billion in annual sales. The legal matters of the transaction were handled by Holland & Knight LLP. Brynwood Partners, headquartered in Greenwich, CT, is a private equity firm specializing in control investments in consumer sector companies. With assets exceeding $2.3 billion, Brynwood Partners manages investments for various entities.