IRWINDALE, CA and VILLENEUVE-D’ASCQ, FRANCE - Worldwide vegetable provider Bonduelle has completed its acquisition of Ready Pac Foods, purchasing the California-based producer of value-added fresh meal solutions for $409 million, or 11 times the company’s adjusted EBITDA estimated for 2016-17.

“Since joining Ready Pac Foods more than three years ago, I have witnessed the passion, hard work, and dedication of our more than 3,500 Associates across the country, resulting in a remarkable turnaround for the company, culminating in this acquisition,” said Ready Pac Foods Chief Executive Officer Tony Sarsam. “Joining the Bonduelle family of companies provides us with greater opportunities to grow and innovate, and we are thrilled to be embarking on this next chapter. We are looking forward to a bright future with Bonduelle.”

The acquisition is expected to benefit Ready Pac Foods through increased investment and extended geographic reach, and the company expects the move to drive its vision for continued growth and greater innovation. In a press release, the company noted that it expects to hire additional associates as the company takes advantage of the expanded footprint and distribution capabilities its new partnership.

Though the company is active in 100 countries around the world, the acquisition of Ready Pac Foods has made the U.S. Bonduelle’s largest country of operation and biggest division. Bonduelle hopes the acquisition will strengthen the brands leadership position and core business lines, as well as grow the company’s already impressive $3 billion yearly revenue.

“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,” said Bonduelle Chairman and Chief Executive Officer, Christophe Bonduelle. “This acquisition will strengthen Bonduelle's international footprint and dramatically change our profile, offering new opportunities to Ready Pac Foods’ business partners and employees, while delivering significant value to Bonduelle shareholders.”

For nearly-fifty years, Ready Pac Foods has worked to be a pioneer and leader in the fresh food industry. The company currently operates four production facilities in the U.S. and generates approximately $800 million in revenue. The company was previously held in private equity ownership by HIG Capital.

In connection with the closing, Bonduelle has acquired 100 percent of the common stock of Ready Pack Foods and will run the company as a wholely-owned subsidiary.

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Ready Pac Foods Bonduelle