ConAgra to acquire American Pie
June 15, 2010
by Eric Schroeder
OMAHA — ConAgra Foods, Inc. has agreed to acquire the assets of American Pie, L.L.C., a manufacturer of frozen fruit pies, thaw-and-serve pies, fruit cobblers and pie crusts under the licensed Marie Callender’s and Claim Jumper trade names, as well as frozen dinners, pot pies and appetizers under the Claim Jumper trade name. Financial terms of the transaction, expected to close within 30 days, were not disclosed.
Once the acquisition is complete, American Pie, which is based in Woodbury, N.Y., will be managed as part of ConAgra Foods’ existing Marie Callender’s frozen business, within its Consumer Foods segment. ConAgra’s Marie Callender’s business includes pot pies and a range of single and multi-serve frozen dinners and entrees.
ConAgra said the acquisition fits its current acquisition strategy of adding depth and strength to its existing product lines in key strategic pillars.
“Acquiring the Marie Callender’s retail dessert pie business will allow us to establish a strong presence in frozen dessert by leveraging fully the power of the Marie Callender’s brand across the frozen case,” said Gary Rodkin, chief executive officer of ConAgra Foods. “Marie Callender got her start selling pies and the brand has a very strong equity with consumers. We look forward to continuing to grow the business by leveraging brand synergies and investing in its relationship with consumers and customers.”
In addition to the brand assets, ConAgra said it will acquire a production facility in Torrance, Calif. ConAgra Foods currently manufactures Marie Callender’s-licensed frozen meals at facilities in Council Bluffs, Iowa; Marshall, Mo.; and Russellville, Ark. Those facilities are not impacted by this impending acquisition and will continue to operate normally.
American Pie, L.L.C. employs nearly 125 people primarily located in Torrance, and an office in Woodbury All are expected to join ConAgra Foods at close.