Gelit back to Italian investors
Conagra Brands sells frozen food business
Conagra Brands has entered into an agreement to divest its Italy-based frozen pasta business Gelit to a group of Italian investors consisting in private equity firms Consilum and Progressio and entrepreneur Massimo Menna.
Based in Doganella di Ninfa (in Latina county, close to Rome), Gelit employs approximately 145 people full time and supplies products to a range of international customers. It makes Italian frozen food, sauces and ready meals. The sales in 2018 were arount 45 mln euros.
Financial terms were not disclosed but, according with to Italian financial newspaper Sole 24 Ore, the agreement has a value of 80 mln euros.
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