Brynwood Partners Completes Historic Deal to Bring Chef Boyardee Under Hometown Food Company Ownership

In a landmark transaction announced on May 1, 2025, Brynwood Partners has positioned its portfolio company Hometown Food Company to take control of the legendary Chef Boyardee brand through a $600 million agreement with Conagra Brands, Inc. (NYSE: CAG). The agreement encompasses the Milton, Pennsylvania manufacturing plant spanning 820,000 square feet, along with all supporting operations and assets tied to the Chef Boyardee business line. Closure of this transaction is anticipated during the second half of spring 2025, contingent upon standard regulatory clearances from U.S. authorities.

A Legacy American Brand Finds New Direction

Chef Boyardee stands as a dominant force in the ready-to-eat meals sector, offering both shelf-stable canned and microwaveable products that have defined American comfort food for generations. The brand’s story traces back over a century, originating when culinary innovator Hector Boiardi traveled from Italy to America in the early 1900s and revolutionized how families approached mealtime. The product line, celebrated for straightforward, accessible recipes designed for households nationwide, has cultivated enduring consumer loyalty through bestsellers such as Beef Ravioli, Spaghetti & Meatballs, Mini Ravioli, and Beefaroni formats.

Distribution of Chef Boyardee merchandise currently spans grocery chains, large-format retailers, and discount variety stores throughout the United States, with established market positions in Canada and Puerto Rico. The Milton facility operates with approximately 500 team members and will integrate seamlessly into Hometown’s existing manufacturing footprint.

Hometown Food Company’s Expansion Strategy

Brynwood Partners established Hometown Food Company in 2018 as a platform for consolidating heritage consumer brands. The original portfolio acquisition from The J.M. Smucker Company secured American distribution rights to Pillsbury shelf-stable baking solutions, Hungry Jack pancake mixes and syrup products, Martha White, and White Lily brands. Subsequent growth initiatives included acquiring Arrowhead Mills from The Hain Celestial Group (2019), merging with De Wafelbakkers operations (2022), and purchasing Birch Benders from Sovos Brands (2023).

With the Chef Boyardee integration, Hometown Food Company’s footprint will expand to encompass annual revenues surpassing $1.6 billion, supported by manufacturing operations across four regions—Northeast, Midwest, South Central, and Southeast—staffed by approximately 1,500 employees combined.

Leadership Perspective on Strategic Acquisition

Henk Hartong, leading Brynwood Partners as Chairman and CEO, characterized the transaction: “This represents the most substantial acquisition in Brynwood’s four-decade operating history. Chef Boyardee exemplifies the category of cherished, multigenerational brands we pursue at Hometown—each carrying significant heritage and market presence. Since launching Hometown, we have nearly doubled our portfolio scope and maintain conviction that contemporary brand management strategies can revitalize Chef Boyardee while enabling rapid expansion into emerging product categories.”

Tom Polke, serving as President and Chief Executive Officer of Hometown Food Company, added: “The Chef Boyardee opportunity enables us to strengthen our position in this essential category. Operations will be directed from our Chicago corporate center, and we anticipate a seamless handoff as we collaborate with Conagra throughout the transition process.”

Brynwood’s Broader Portfolio Architecture

Beyond Hometown Food Company, Brynwood Partners oversees Harvest Hill Beverage Company, Carolina Beverage Group, Great Kitchens Food Company, West Madison Foods, and Miracapo Pizza Company. The Chef Boyardee transaction elevates Brynwood’s total manufacturing capacity to 20 facilities nationwide, generating employment for roughly 5,500 workers and producing more than $3.7 billion in combined annual revenues. The Chicagoland region hosts four Brynwood portfolio companies operating across six manufacturing sites.

This acquisition further demonstrates Brynwood Partners’ positioning as a specialized corporate carveout investor. Across its 40+ year track record, the firm has orchestrated in excess of 60 brand acquisitions drawn from more than 20 distinct corporate sources.

About Brynwood Partners

Headquartered in Greenwich, Connecticut, Brynwood Partners operates as an operationally-engaged private equity investor focused on controlling stakes in North American lower-middle market enterprises since 1984. The organization concentrates specifically on acquiring non-core brand assets within consumer-facing sectors. Current assets under management total more than $2.3 billion, sourced from a limited partner base comprising domestic and global pension vehicles, diversified fund platforms, educational endowments, charitable foundations, substantial family offices, and institutional financial entities.