ConAgra Foods (CAG) Acquires Packages Foods Business of Red Fork, Frontera Foods
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ConAgra Foods, Inc., (NYSE: CAG) announced today it has acquired the packaged foods businesses of Frontera Foods, Inc. and Red Fork LLC, including the Frontera, Red Fork and Salpica brands. These businesses make authentic, gourmet Mexican food and contemporary American cooking sauces. Terms of the transaction were not disclosed.
Frontera’s premium salsa, sauces, snacks and meals feature the distinct flavors of Mexico. Red Fork is known for its premium American cooking sauces and Salpica is a unique Tex-Mex salsa line.
“We are excited to add the Frontera, Red Fork and Salpica brands to our portfolio. In particular, the Frontera brand is a preeminent gourmet Mexican food brand in North America. We believe it provides a tremendous platform off which we can build,” said Sean Connolly, president and chief executive officer of ConAgra Foods.
Founding Chef Rick Bayless says, "In ConAgra, we’ve found people who respect our integrity and uncompromising standards. We will continue to make high-quality food with the same standards of excellence and operate with the same values and fresh ingredients that have helped the business to become the premium brands they are today. This is the start of a new era for Frontera, Salpica and Red Fork, and we are thrilled.”
Frontera Foods CEO Manny Valdes says, “Frontera has grown through a passion for innovation and hard work. We have made a difference in the American grocery store and the American home. We believe ConAgra is a fantastic partner to help us deliver the same level of authentic, gourmet food products to even more homes across the country.”
Founders Rick Bayless and Manny Valdes will continue to actively support the business.
The acquisition does not include any restaurant assets, including Frontera-branded restaurants.
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