Chicago-based The Hillshire Brands Co. signed a definitive agreement to acquire Van’s Natural Foods from private equity firm Catterton Partners, Greenwich, Conn. Hillshire Brands will pay $165 million for the Phoenix, Ariz.-based manufacturer of better-for-you frozen breakfast and snacks. Van’s is expected to boast net revenues of approximately $60 million in calendar year 2014. The transaction is expected to close in May, pending regulatory clearance. Van’s management will continue to lead the business.
“The Van’s brand is a terrific addition to our portfolio,” says Sean Connolly, president and CEO of Hillshire Brands. “Not only does it expand our presence in the frozen category, [but] it also gives us a proven health and wellness brand with extendability beyond frozen.”