International Home Foods
Hicks, Muse, Tate & Furst and C. Dean Metropoulos & Co. (80% 1996–1997, 43% 1997–2000) |
International Home Foods (IHF) was an American manufacturer, distributor and marketer of food products, based in
History
The company was founded in November 1996 when
In July 1997, IHF acquired Bumble Bee Seafoods out of bankruptcy protection for US$163 million plus the assumption of debt.[6] IHF went public in November 1997[7] and subsequently made a number of acquisitions in quick succession.
In March 1998 it acquired private-label foods producer Grist Mill Co. for US$100 million,[8] then bought Canadian canned meat and stew producer Puritan from Unilever subsidiary Lipton for US$39 million followed by canned soup and pasta producer Venice Maid,[9] and in August bought Libby's canned meat business from Nestlé for US$126 million.[10]
Following poor stock performance in 1998, its price dropping by over two-thirds in six months, IHF began looking for a buyer. The company's valuation issues were largely caused by investor disinterest in a company with such widely diversified brands. In December 1998, ConAgra offered IHF $20 per share but IHF rejected the offer as too low. This was followed by multiple negotiations with other companies over an 18-month period, none of which materialized.[5]
The company bought Canadian canned seafood brands
IHF was finally acquired in June 2000 by ConAgra Foods in a US$2.9 billion deal, $2 per share higher than ConAgra's initial 1998 offer.[13] Much of the former IHF operation was integrated into ConAgra's Irvine, California-based ConAgra Grocery Products division.[14]
Brands
During its four years in operation, International Home Foods owned a variety of brands including:
- Bumble Bee Seafood
- Campfire marshmallows[15]
- Chef Boyardee pasta
- Clover Leaf Seafoods
- Crunch 'n Munch popcorn[14]
- Dennison's chili[15]
- Grist Mill cereals
- Gulden's mustard
- Jiffy Pop popcorn[15]
- Libby's canned meats
- Louis Kemp[15]
- Luck's canned foods[15]
- Maypo cereal[6]
- Orleans[15]
- PAM cooking spray
- Paramount seafood
- Polaner fruit spreads
- Puritan stews
- Ranch Style Beans[16]
- Ro-Tel canned tomatoes and chilis[16]
- Venice Maid canned pasta and soup
References
- ^ Harwell, Drew (3 Nov 2014). "Giving old brands new life". Chicago Tribune. pp. 2–3. Retrieved 2 Mar 2022 – via Newspapers.com.
- ^ "ConAgra sells seafood business". Times-News. Knight Ridder. 22 May 2003. pp. B5, B7. Retrieved 2 Mar 2022 – via Newspapers.com.
- ^ Fuquay, Jim (24 Jun 2000). "Investor Hicks announces 2 mega-deals". Fort Worth Star-Telegram. pp. 1C, 2C. Retrieved 2 Mar 2022 – via Newspapers.com.
- ^ ISSN 0099-9660. Retrieved 2 Mar 2022.
- ^ a b O'Reiley, Tim (7 Jul 2000). "IHF trod a rocky road to ConAgra sale". Daily Record. p. B1. Retrieved 2 Mar 2022 – via Newspapers.com.
- ^ ISSN 0099-9660. Retrieved 2 Mar 2022.
- ^ "International Home Foods Hopes Famous Names Deliver: IPO Focus". Bloomberg. 17 Nov 1997. Retrieved 2 Mar 2022.
- ISSN 0362-4331. Retrieved 2 Mar 2022.
- ISSN 0362-4331. Retrieved 2 Mar 2022.
- ISSN 0362-4331. Retrieved 2 Mar 2022.
- ^ "Weston sells B.C. canned fish business". CBC News. 4 Jan 1999. Retrieved 2 Mar 2022.
- ^ "B&G Foods Purchases Polaner from International Home Foods". Food Online. 14 Jan 1999. Retrieved 2 Mar 2022.
- ISSN 0362-4331. Retrieved 2 Mar 2022.
- ^ a b McArdle, Patrick (24 Feb 2001). "ConAgra provides plateful of products from which to choose". Daily Item. p. A12. Retrieved 2 Mar 2022 – via Newspapers.com.
- ^ a b c d e f Cole, Patrick (24 Jun 2000). "ConAgra expands its food pantry". Chicago Tribune. pp. 2–1, 2–2. Retrieved 2 Mar 2022 – via Newspapers.com.
- ^ a b Fuquay, Jim (15 Sep 2006). "Beans plant to shut its doors". Fort Worth Star-Telegram. pp. 1C, 3C. Retrieved 2 Mar 2022 – via Newspapers.com.
External links
Media related to International Home Foods at Wikimedia Commons