ConAgra Completes Acquisition of Odom's Tennessee Pride
Picks up producer of frozen breakfast, snack-sized sandwiches, appetizers
CSP Daily News | May 15, 2012
MADISON, Tenn.-- Odom's Tennessee Pride Sausage Inc. today announced that it has successfully completed its sale to ConAgra Foods Inc. The transaction was originally announced on April 17, 2012.
"Our family has owned Odom's Tennessee Pride since 1943, and over the course of three generations, we built a business alongside thousands of loyal employees and teammates that we remain immensely proud of," Larry Odom said. "From the very beginning, our goal has always been to manufacture products of the highest quality and to set a standard for excellence in our industry. Most importantly, we want to thank our dedicated and loyal workforce, without whom we could never have achieved this significant milestone. Moving forward, we are excited to be a part of the ConAgra Foods family of leading brands."
The dealt 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 U.S. producer of frozen breakfast sandwiches. The company also offers a variety of snack-sized sandwich offerings and cooked appetizers.
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."
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.
Omaha, Neb.-based ConAgra is one of North America's leading food companies. Brands include Banquet, Chef Boyardee, Egg Beaters, Hebrew National, Hunt's, Marie Callender's, Orville Redenbacher's, PAM, Peter Pan, Reddi-wip, Slim Jim, Snack Pack and more in grocery, convenience, mass merchandise and club stores.
Source: CSP Daily News