ConAgra Foods Inc. announced that it has agreed to acquire Odom's Tennessee Pride, a leading producer of frozen and refrigerated breakfast sandwiches and sausage. The agreement includes facilities in Little Rock, Ark., and Dickson, Tenn., and its headquarters office in Madison, Tenn. Odom's Tennessee Pride has approximately 750 employees, annual revenue in excess of $190 million, and is the second largest producer of frozen breakfast sandwiches in the U.S. Financial terms of the transaction, expected to close within the next 45 days and subject to customary closing conditions, were not disclosed.
Fitting with the company's strategy of expanding into high-growth adjacencies, the acquisition of Odom's Tennessee Pride would build ConAgra Foods' capabilities in frozen breakfasts, a key adjacency to its frozen meals business.
"The acquisition of Odom's Tennessee Pride will build on our strong position in frozen meals and allow us to leverage our existing innovation, marketing and distribution abilities," said Gary Rodkin, chief executive officer of ConAgra Foods. "We are excited to develop our portfolio in the growing breakfast category."
"We are proud of the business we've built over the past three generations," said Larry Odom, Chairman and CEO, Odom's Tennessee Pride. "We are excited to join ConAgra Foods and we look forward to being a part of their growth plans."
The proposed acquisition would be the third in the last year for ConAgra Foods, following the acquisitions of National Pretzel Company and Del Monte Canada.
Source: ConAgra Foods Inc.