Conagra Brands: sells frozen pasta business Gelit

Chicago / IL. (cag) ConAgra Brands Inc. announced that it has entered into a definitive agreement to divest its Italian-based frozen pasta business, Gelit (headquartered in Doganella di Ninfa, Italy) to an Italian investment company owned by Consilum SGR S.p.A., Progressio SGR S.p.A., and MMM S.r.l. whose reference shareholder is Massimo Menna. The transaction is subject to customary closing conditions and includes the sale of Conagra Brands’ entire equity interest in Gelit S.r.l. Financial terms were not disclosed. BNP Paribas acted as the sole financial advisor to Conagra Brands, and Jones Day acted as its legal advisor.

S.r.l. – Società a responsabilità limitata – an Italian legal form of a limited liability company that most closely corresponds to the GmbH (Gesellschaft mit beschränkter Haftung).The S.p.A. – società per azioni – is defined in the Italian Codice civile in Articles 2325-2457 and corresponds approximately to a German stock corporation (Aktiengesellschaft).