ConAgra Foods, Inc. announced today that it has acquired Elan Nutrition, a privately held formulator and manufacturer of snack and nutrition bars based in Grand Rapids, Mich. Financial terms of the transaction, which closed today, were not disclosed. The Elan Nutrition business will be managed as part of ConAgra Foods' Snacks platform and integrated specifically into its Store Brands business, which primarily makes cereal and snack bars sold under retailer labels.
The acquisition of Elan Nutrition, owned by an affiliate of Sun Capital Partners, Inc. since 2003, will allow ConAgra Foods to grow its private label bar business through new product development capabilities and manufacturing capacity. Elan Nutrition's manufacturing facility in Grand Rapids was included in the deal and will operate as a ConAgra Foods plant. ConAgra Foods intends to hire Elan Nutrition employees.
"Acquiring Elan Nutrition allows us to continue growing and expanding our very successful snack bar business within our Consumer Foods portfolio," said Gary Rodkin, chief executive officer, ConAgra Foods. "We are confident in the growth potential of this important category and expect a smooth integration of Elan Nutrition's business and capabilities into our Snacks platform."
ConAgra Foods currently manufactures private label bars at its facility in Lakeville, Minn. That facility is not impacted by this acquisition and will continue to operate as normal.
Given the relatively small size of the acquisition, this deal does not alter the company's EPS guidance.
About ConAgra Foods:
ConAgra Foods, Inc., is one of North America's leading food companies, with brands in 96 percent of America's households. Consumers find Banquet, Chef Boyardee, Egg Beaters, Healthy Choice, Hebrew National, Hunt's, Marie Callender's, Orville Redenbacher's, PAM, Peter Pan, Reddi-wip and many ConAgra Foods brands in grocery, convenience, mass merchandise and club stores. ConAgra Foods also has a strong business-to-business presence, supplying frozen potato and sweet potato products as well as other vegetable, spice and grain products to a variety of well-known restaurants, foodservice operators and commercial customers. For more information, please visit us at www.conagrafoods.com.