Conagra Brands has recently finalized a deal to sell its Van de Kamp’s and Mrs. Paul’s brands to seafood producer High Liner Foods for $55 million. This move allows Conagra to refocus its efforts on strengthening its core frozen offerings, as stated by Sean Connolly, Conagra’s president and CEO. The two frozen seafood brands contributed around $75 million to Conagra’s net sales in fiscal year 2024.
The sale of Van de Kamp’s and Mrs. Paul’s is part of Conagra’s strategy to streamline its portfolio and reduce debt. Earlier this week, the company also sold Chef Boyardee to Hometown Food for $600 million. Conagra’s portfolio primarily consists of snacks and frozen foods, including brands like Healthy Choice, Birds Eye, and Marie Callender’s.
Van de Kamp’s and Mrs. Paul’s are relatively small contributors to Conagra’s overall business, which reported $12.1 billion in net sales during the 2024 fiscal year. Connolly emphasized that this divestiture aligns with the company’s commitment to reshaping its portfolio and focusing on areas with the most growth potential.
Both Van de Kamp’s and Mrs. Paul’s are well-known brands in the U.S. frozen breaded and battered seafood category. The transaction with High Liner does not involve employees or manufacturing facilities and is expected to be finalized by the end of July. The proceeds from the sale will be used to reduce Conagra’s debt.
High Liner is already familiar with the acquired brands, as it currently co-manufactures products for Mrs. Paul’s and Van de Kamp’s at its U.S. manufacturing facilities. The Canadian company is a leading processor and marketer of frozen seafood in North America, with popular brands like High Liner, Fisher Boy, Mirabel, Sea Cuisine, and Catch of the Day.
Overall, the sale of Van de Kamp’s and Mrs. Paul’s represents Conagra’s strategic shift towards optimizing its frozen food portfolio and capitalizing on growth opportunities in the market.