Bonduelle Enters Agreement to Acquire Ready Pac Foods
IRWINDALE, CA and VILLENEUVE-d'ASCQ, FRANCE - In a move to expand its fresh business to the U.S., Bonduelle has entered into an agreement to acquire Ready Pac Foods. Bonduelle (Euronext: BON) is a world leader in healthy living through vegetables, with products across fresh, processed, canned, and frozen goods. While terms of the transaction have not yet been disclosed, it is expected to close by the end of March 2017 following routine regulatory reviews and approvals.
Upon closing, Bonduelle, with more than $2 billion in revenue, will acquire 100% of the common stock of Ready Pac Foods, and plans to run the business as the largest of its five wholly-owned subsidiaries.
“We were impressed with the strength of Ready Pac Foods operational excellence, commitment to innovation, and talented management team,” said Bonduelle Chairman and Chief Executive Officer, Christophe Bonduelle. “Our interest in Ready Pac Foods was not only because of its attractive product segment and rapid growth, but the value the company delivers to their customers and their committed workforce.”
Bonduelle’s acquisition of Ready Pac Foods will help fuel the growth of both entities in the fresh food space and will make the U.S. the largest country of operation for Bonduelle, according to a press release. Ready Pac Foods will benefit from a greater level of investment in its growth, innovation, and global reach.
Moving forward, there will be no changes to Ready Pac Foods senior leadership team, and Chief Executive Officer Tony Sarsam will continue to lead at the helm, reporting directly to Christophe Bonduelle.
“For nearly 50 years, Ready Pac Foods has been at the forefront of innovation in the fresh produce space. We pride ourselves on our performance and the value we bring to our customers and consumers. This agreement with Bonduelle will bring greater level of investment and the global reach that will propel the company into the next phase of growth,” Tony Sarsam, said. “This is a fantastic new chapter for our 3,500 associates and a great step forward. We are thrilled with this investment in our company strategy, and know Ready Pac Foods is going to be right at home with the Bonduelle family of companies.”
Sarsam, who joined Ready Pac Foods in 2013, led the company to significant growth and profitability through his focus on expanding fresh prepared meals and driving operational excellence.
The French company owns four brands of canned, frozen, and fresh vegetables, with presence in 100 countries around the world. In addition to shared business goals, the companies also share strong cultural ties, including corporate social responsibility and key core values.
Congratulations to Bonduelle and Ready Pac Foods on the exciting path of growth and evolution ahead!