FDBusiness.com

Bonduelle, the world leader in ready-to-eat vegetables, present in canned, frozen, fresh cut and delicatessen, has completed its $409 million acquisition of Ready Pac Foods, the US-based producer of convenience fresh meal solutions, salads and fresh cut produce. Having established a national presence and wide customer base in the US, Ready Pac Foods operates four production facilities and has annual revenues of about $800 million. Ready Pac Foods is the US market leader in single serve salad bowls.

The purchase price represents a multiple of about 11 times the US company’s adjusted EBITDA estimated for financial year 2016-2017.

Bonduelle is a well-respected, family-owned company, with seven generations of the Bonduelle family involved since its founding in 1853. The French company owns four brands of canned, frozen and fresh vegetables with presence in 100 countries worldwide and has revenues of US$3 billion.

The acquisition of Ready Pac Foods makes the US Bonduelle’s largest country of operation and biggest division. This aligns with its strategic plan and will strengthen the brand’s leadership positions in its core business lines. These include development of Bonduelle’s business in the consumer convenience and healthy food segments, increasing presence in the fast growing fresh prepared segment and reinforcement of its footprint in North America.

“This milestone acquisition for Bonduelle is a key step toward achieving our strategic ambition –‘VegeGo! 2025’ – to become the world reference in well-living through vegetable products,” says Christophe Bonduelle, chairman and chief executive of Bonduelle. “This acquisition will strengthen Bonduelle’s international footprint and dramatically change our profile.”