Freiberger USA to acquire Richelieu Foods from Centerview Capital Holdings

German frozen and chilled pizza maker Freiberger has reached an agreement to acquire Richelieu Foods, a Massachusetts-headquartered private label food manufacturer.

Under the terms of the transaction, the buyer will pick up the business at an enterprise value of USD 435.00 million.

The deal still requires approval from US antitrust authorities and is slated to close by the end of this year. Freiberger will conduct the transaction via its Freiberger USA subsidiary.

Richelieu’s purchase will represent an exit for private equity owner Centerview Partners; the investor acquired the business, alongside members of the management team, for an undisclosed consideration back in November 2010.

The target describes itself as a leading producer of private label frozen and deli pizza, as well as sauces and dressings, for retail in the US.

It employs close to 900 people across five production sites in its home country, with annual output totalling 105.00 million pizzas and almost 9.00 million cases of pourable products.

Freiberger has already announced one other acquisition this year; back in May it unveiled an agreement to pick up another German manufacturer of frozen pizzas, HASA, for an undisclosed consideration.

The buyer operates six factories throughout Germany, Austria and the UK and has a history dating back over 40 years.

It is a subsidiary of Südzucker, which it describes as one of the largest food manufacturing companies in Europe.

Richelieu is not the only maker of frozen speciality foods to have been targeted during 2017; according to Zephyr, the M&A database published by Bureau van Dijk, there have been 39 such deals announced since the beginning of this year.

The most valuable of these involved a British Virgin Islands-based company as Nomad Foods unveiled a USD 376.00 million secondary offering of shares in early September.

Others targeted since the beginning of this year include frozen bakery products maker Aryzta, Chinese player Fu Jian Anjoy Foods and French firm Labeyrie Traiteur Surgeles.

© Zephus Ltd

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