Bellisio Foods, a Minneapolis, Minn. Producer of frozen meals under the Michelina’s, Boston Market and Chili’s brands, has been acquired by Charoen Pokphand Foods, a Thailand food corporation. The selling price was $1.08 billion, reports the Minneapolis Star-Tribune.

Bellisio said it is the nation’s third largest manufacturer and distributor of single-serve frozen entrees and will become “an integral part” and the U.S. flagship of CPF’s vision to be the “Kitchen of the World.”

CPF said it serves more than 3 billion customers in 18 countries throughout Asia and Europe. It is controlled by Thailand’s richest man, Dhanin Chearavanont. Reuters reported CPF shares plunged on news of the deal on concern that it may have paid too much.

Bellisio Foods had previously been acquired by Center Partners, a private equity firm, in 2011, right before the death of founder Jeno Paulunucci.

“We are excited to be part of CPF and look forward to driving the North American strategy for one of the world’s leading food companies,” said Bellisio CEO Joel Conner in a statement. “With Bellisio’s expertise, food quality and commitment to bring new, delicious and exciting brands to market, our management and employees are expected to play key roles within CPF.”

Source: Minneapolis Star-Tribune