Inside A Walgreen Co. Store Ahead Of Earns
Stocking the frozen food section. Photograph by Daniel Acker — Bloomberg via Getty Images

Thailand’s Richest Man Is Set to Buy This American Food Giant in a $1B Deal

Nov 17, 2016

Thailand's Charoen Pokphand Foods (CPF) said it will acquire U.S. frozen-food producer Bellisio Parent for $1.075 billion, paving the way for an entry into the world's largest food market.

The acquisition is in line with CPF's strategy to expand into high-potential markets, CEO Adirek Sripratak said in a statement.

CPF (cpouf), controlled by Thailand's richest man Dhanin Chearavanont, signed a purchase agreement on Thursday with seller Bellisio Consolidated Equity, the statement said.

The transaction, subject to customary closing conditions and regulatory approvals, is expected to be completed within 180 days, and will enable CPF to gain access to the North American market, it said.

Bellisio group is the third-largest producer of single-serve frozen entrees in the United States by unit share with well-known brands such as Michelina's, Boston Market, Chili's, and Atkins.

The U.S. firm, which launched operations in 1990, has four facilities located in Ohio, California and Minnesota. It leads the single-serve frozen entrées market in Canada.

Joel Conner, chairman and CEO of Bellisio group, said the deal should boost growth for Bellisio and support CPF's vision of being the "kitchen of the world."

Bellisio group reported net sales of $668 million for the year ended Sept. 11, 2016.

CPF, the flagship business of Thailand's largest agribusiness conglomerate Charoen Pokphand Group, has been looking to buy assets overseas to boost growth and offset a slowdown at home.

JP Morgan was the financial advisor for the deal, while Davis Polk & Wardwell acted as legal counsel for CPF.

Last month, Chai Tai (China) Investment, an indirect subsidiary of CPF, acquired a 70% stake in China's animal feed producer and chicken meat processor, Fujian Sumpo Foods Holding, for 1.7 billion baht ($48 million), as part of its business expansion in China.

All products and services featured are based solely on editorial selection. FORTUNE may receive compensation for some links to products and services on this website.

Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions