Pinnacle Foods
| Company type | Public (until 2018) |
|---|---|
| Industry | Packaged food manufacturing |
| Predecessor | Vlasic Foods International |
| Founded | 1998 |
| Fate | Acquired by Conagra Brands (2018) |
| Headquarters | Parsippany, New Jersey , United States |
Area served | United States, Canada |
Key people | Mark A. Clouse (CEO, from 2016) |
| Products | Frozen and shelf-stable food products |
| Parent | Conagra Brands (since 2018) |
Pinnacle Foods, Inc. operates as a packaged food manufacturer based in Parsippany, New Jersey, focusing primarily on frozen and shelf-stable products. On October 26, 2018, it became part of Conagra Brands.
History
Originally established in 1998 under the name "Vlasic Foods International," the company acquired several brands from Campbell Soup Company, including Swanson TV dinners, Open Pit, and Vlasic Pickles. From 2001 until 2007, the Metropoulos Group owned this spin-off of former Campbell lines and rebranded it as Pinnacle Foods.
In 2007, the private equity firm Blackstone Group, headquartered in New York, purchased Pinnacle Foods.
Pinnacle Foods went public in 2013 on the New York Stock Exchange, generating close to $580 million through its initial offering. The stock was listed under the symbol PF at $20 per share, placing the company's market value at around $2.3 billion. That year, Inc. Magazine honored its Parsippany facility as one of the "World's Coolest Offices."
In May 2014, Hillshire Brands revealed intentions to buy Pinnacle Foods for $4.23 billion using a mix of cash and stock. Hillshire’s brand portfolio included names such as Jimmy Dean and Sara Lee. However, by June 2014, Pinnacle canceled the deal to facilitate Hillshire’s acquisition by Tyson Foods. As part of this termination, Pinnacle received a breakup fee of $163 million along with $25 million in associated one-time expenses.
Robert Gamgort departed as CEO in March 2016 to lead Keurig Green Mountain. Mark A. Clouse, formerly with Mondelēz International, succeeded him.
In June 2018, Conagra Brands announced an $8.1 billion purchase of Pinnacle Foods, which was finalized in October 2018. Following this transaction, Pinnacle Foods was removed from the NYSE listing.
Other acquisitions
Pinnacle expanded its portfolio by acquiring Aurora Foods of St. Louis, Missouri in March 2004. Two years later, it bought the food division of Dial Corporation, which included the Armour Star canned meats brand.
In 2009, while discontinuing the Swanson brand in the United States, Pinnacle maintained it within Canada. That same year marked its acquisition of Birds Eye Foods, Inc., broadening its range of frozen and specialty items.
November 2014 saw Pinnacle Foods purchase Garden Protein International, Inc., known for its Gardein brand, from founder Yves Potvin for $154 million.
The company further enhanced its health-focused product segment by acquiring Boulder Brands in November 2015 for about $710 million as part of its expansion strategy.
Grocery
- Armour Star (obtained from The Dial Corporation in 2006)
- Appian Way Pizza Crust Mix (acquired from The Dial Corporation in 2006)
- Banner Sausage (acquired from The Dial Corporation in 2006)
- Bernstein's dressings
- Brooks beans and chili
- Cream Corn Starch (acquired from The Dial Corporation in 2006)
- Duncan Hines, including Duncan Hines Comstock and Duncan Hines Wilderness (acquired from Procter & Gamble in 1997)
- Log Cabin Syrup (acquired from Kraft Foods)
- Milwaukee's Pickles
- Mrs. Butterworth's (acquired from Unilever)
- Nalley
- Open Pit barbecue sauce
- Smart Balance
- Vlasic
- Wish-Bone (acquired from Unilever in 2013)
Frozen
- Birds Eye, including Birds Eye C&W and Birds Eye Voila! varieties
- Celeste
- Hungry-Man frozen meals, originally obtained from Campbell Soup Company
- Lender's, acquired from Kraft Foods in 1999
- Mrs. Paul's brand
- Van de Kamp's
Boulder Brands
- Earth Balance
- EVOL
- Gardein
- Glutino
- Udi's
Specialty
- El Restaurante
- Erin's
- Hawaiian Kettle Style Potato Chips and Snack Rings
- Husman's
- Snyder of Berlin (not to be confused with Snyder's of Hanover)
- Tim's Cascade Snacks
Frozen
- Aunt Jemima frozen breakfast items, produced under license from Quaker Oats since 1996 through Aurora Foods; discontinued in 2017 after a voluntary recall due to possible listeria contamination.