Conagra to sell seafood brands Van de Kamp’s and Mrs. Paul’s for $55M

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Dive Brief:

• Conagra Brands reached a deal to sell its Van de Kamp's and Mrs. Paul's brands to seafood producer High Liner Foods for $55 million.
• The transaction allows Conagra to “further focus our efforts on strengthening our core frozen offerings,” Sean Connolly, Conagra’s president and CEO, said in a statement. The two frozen seafood brands contributed approximately $75 million to Conagra's fiscal year 2024 net sales. 
• The sale marks the latest divestiture for the Chicago-based food manufacturer as it aims to streamline its portfolio and lower its debt. Earlier this week, Conagra closed on the sale of Chef Boyardee to Hometown Food for $600 million.

Dive Insight:

Conagra’s portfolio is built around snacks and frozen foods, which includes Healthy Choice, Birds Eye and Marie Callender’s. The sale of Van de Kamp's and Mrs. Paul's shows the company is aiming to distance itself from a seafood category that has little overlap with the rest of its frozen offerings. 

Van de Kamp's and Mrs. Paul's are minor contributors to Conagra’s business, which posted $12.1 billion in net sales during its 2024 fiscal year.

“This divestiture reflects our continued commitment to reshaping our portfolio and investing where we see the best opportunities for growth and innovation,” Connolly said in a statement, adding that Van de Kamp's and Mrs. Paul's operated largely as a standalone business.

Van de Kamp's and Mrs. Paul's are leading brands in the U.S. frozen breaded and battered seafood category, Conagra said. The transaction, which does not include employees or manufacturing facilities, is expected to close by the end of July.  Proceeds will be used to reduce debt. 

High Liner is already familiar with the fish brands it will be adding to its portfolio. It currently co-manufactures products for Mrs. Paul's and Van de Kamp's brands at its U.S. manufacturing facilities. The Canadian company is a top North American processor and marketer of frozen seafood under brands such as High Liner, Fisher Boy, Mirabel, Sea Cuisine and Catch of the Day labels.