• Fulfilling CPF’s vision of being the “Kitchen of the World”
• Entry into the world’s largest food market
• Significant value creation opportunities leveraging both CPF’s and Bellisio’s expertise and networks for business expansion in the United States and export to global market

BANGKOK - (November 17, 2016) – Charoen Pokphand Foods Public Company Limited (CPF) announced that it has entered into a definitive agreement to acquire Bellisio Parent, LLC. (“Bellisio”), for USD 1,075 million. The transaction, subject to customary closing conditions and regulatory approvals, is expected to close within 180 days.

Established in 1990, Bellisio group is the third largest producer and distributor of single serve frozen entrees in the US by unit share, with well-known household brands such as, Michelina’s, Boston Market, Chili’s, and Atkins. To complement existing brands, they have also recently introduced the EatingWell and EAT! product lines, focused on balanced food solutions that promote healthy lifestyles. Outside the United States, Bellisio group is also the leader in the single serve frozen entrees market in Canada. The group has a total of 4 facilities located in Ohio, California and Minnesota.

Bellisio group has deep strategic relationships with leading US retailers with over 50,000 distribution points. Through its strategically-located, best-in-class production facility in Jackson, Ohio, Bellisio is able to distribute its products to more than half of the United States within 24 hours and nationwide within 48 hours. For the last twelve months ending September 2016, Bellisio group generated adjusted net sales of USD 668 million and adjusted EBITDA of USD 82 million.

Joel Conner, Chairman and CEO of Bellisio group commented, “We are deeply grateful to Centre Partners for their support and guidance since partnering with us 5 years ago. At the same time, we are also extremely excited to be part of the CPF family and share their vision of being the ‘Kitchen of the World’. I believe that our partnership with CPF will allow us to propel Bellisio through its next phase of growth.”

Adirek Sripratak, CEO of CPF, said, "We are thrilled to have the opportunity to work with Joel and his team to bring Bellisio to its next phase. This transaction marks the first step of our entry into the world's largest food market, where we see significant growth and synergy opportunities. We believe that through leveraging our combined strengths at CPF and Bellisio group, we can bring greater variety of products particularly Asian food products, to US consumers as well as export our products globally. This acquisition is in line with CPF’s strategic direction to expand into high potential market. After the transaction, CPF’s revenue contribution from Food business will rise”

J.P. Morgan acted as exclusive financial advisor, and Davis Polk & Wardwell LLP acted as legal counsel, to CPF’s for the transaction./