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Conagra Brands, Inc. announced that it has entered into a definitive agreement with High Liner Foods to sell its Van de Kamp's and Mrs.Paul's frozen seafood brands for $55 million in cash. The transaction includes all associated intellectual property and inventory. The transaction does not include employees or manufacturing facilities. The Van de Kamp's and Mrs. Paul's products that are part of the transaction contributed approximately $75 million to Conagra's fiscal year 2024 net sales. The profit from the divested brands is expected to have a ($0.01) impact to fiscal year 2026 adjusted earnings per share. The transaction is expected to close by the end of July 2025 and proceeds from the transaction will be used to reduce debt.
"This divestiture reflects our continued commitment to reshaping our portfolio and investing where we see the best opportunities for growth and innovation," says Sean Connolly, president and chief executive officer of Conagra Brands. "Van de Kamp's and Mrs. Paul's operate largely as a stand-alone seafood business, and this divestiture allows us to further focus our efforts on strengthening our core frozen offerings."
Van de Kamp's and Mrs. Paul's are brands in the U.S. frozen breaded and battered seafood category, offering a variety of formats for snacks and meals, including crispy battered fillets, breaded fish for sandwiches and tacos, and classic fish sticks.
