By P.R. Venkat and Nopparat Chaichalearmmongkol
BANGKOK--A company owned by Thailand's richest man, billionaire Dhanin Chearavanont, has agreed to buy U.S.-based frozen-food company Bellisio Parent LLC for nearly $1.1 billion, the latest move by an acquisitive Thai tycoon looking to branch out beyond the home market.
An agreement for Mr. Dhanin's company, Charoen Pokphand Foods (CPF.TH), to acquire Bellisio Parent is expected to close within 180 days, CP Foods said in a statement Thursday.
Established in 1990, Bellisio group is the third-largest producer and distributor of single-servefrozen entrees in the U.S. by unit share. It sells brands such as, Michelina's, Boston Market, Chili's and Atkins.
CP Foods is one of the largest agricultural and food businesses in Thailand, and distributes chicken livestock and seafood products throughout Asia, Europe and the U.S.
Mr. Dhanin also has business interests in sectors from telecommunications to retail to finance.
"I believe that our partnership with CPF will allow us to propel Bellisio through its next phase of growth," said Joel Conner, chairman and chief executive of Bellisio group in the statement.
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(END) Dow Jones Newswires
November 17, 2016 03:24 ET (08:24 GMT)
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