ConAgra Foods

ConAgra Foods paid $108.9 million in cash for Rick Bayless' Frontera Foods

ConAgra Foods paid $108.9 million in cash for Rick Bayless' Frontera Foods

ConAgra Foods paid $108.9 million in cash to acquire Frontera Foods, the Chicago-based packaged Mexican food company founded by celebrity chef Rick Bayless, according to filings with the Securities and Exchange Commission on Tuesday.

The cost of the acquisition, which was announced Sept. 26, was not previously made available. The deal, which moved the Frontera, Red Fork and Salpica grocery brands under the ConAgra banner, did not include any of the Frontera-branded restaurants.

ConAgra CEO Sean Connolly has said ConAgra is moving toward value over volume, a distinct shift for a company long known for deeply discounted brands like Banquet frozen dinners and Chef Boyardee. The...

43°