ConAgra Foods to Expand Frozen Breakfast Portfolio

ConAgra Foods, Inc. announces that it has agreed to acquire Odom's Tennessee Pride, a producer of frozen and refrigerated breakfast sandwiches and sausage.

 

"The acquisition of Odom's Tennessee Pride will build on our strong position in frozen meals and allow us to leverage our existing innovation, marketing and distribution abilities," says Gary Rodkin, chief executive officer of ConAgra Foods. "We are excited to develop our portfolio in the growing breakfast category."

 

The agreement includes facilities in Little Rock, Ark., and Dickson, Tenn., and its headquarters office in Madison, Tenn. Odom's Tennessee Pride has approximately 750 employees, annual revenue in excess of $190 million, and is the second largest producer of frozen breakfast sandwiches in the United States. Financial terms of the transaction, expected to close within the next 45 days and subject to customary closing conditions, were not disclosed.

 

Fitting with the company's strategy of expanding into high-growth adjacencies, the acquisition of Odom's Tennessee Pride would build ConAgra Foods' capabilities in frozen breakfasts, a key adjacency to its frozen meals business.

 

The proposed acquisition would be the third in the last year for ConAgra Foods, following the acquisitions of National Pretzel Company and Del Monte Canada.