Irwindale pre-packaged salad maker Ready Pac Foods Inc. has been sold to French multi-national food company Bonduelle for $409 million, according to the companies.
H.I.G. Capital, the Miami-based private equity firm that owned Ready Pac, was the seller. In a statement, Ready Pac and Bonduelle said the deal priced the Southern California company at 11-times adjusted earnings before interest, tax, depreciation, and amortization. Ready Pac had approximately $800 million in revenue in 2016, according to financial disclosures filed by Bonduelle.
The deal gives Bonduelle 100 percent of Ready Pac’s common stock, and the French company said it would operate its new acquisition as a wholly-owned subsidiary.
Ready Pac employs about 3,500 people at four production facilities, including its Irwindale headquarters.
“Joining the Bonduelle family of companies provides us with greater opportunities to grow and innovate, and we are thrilled to be embarking on this next chapter,” Ready Pac’s Chief Executive Tony Sarsam said in a statement. “We are looking forward to a bright future with Bonduelle.”
Deals & Dealmakers reporter Henry Meier can be reached at [email protected]. Follow him on Twitter @henry_meier.
