South Korean conglomerate CJ Cheiljedang Corp. completed its $1.84 billion acquisition of U.S. frozen food company Schwan's Co. and several of its subsidiaries, according to a Feb. 25 release.
CJ agreed to acquire an 80% stake in Schwan's in November 2018, with the remaining 20% retained by Schwan's current shareholders — two trusts established by the founder Marvin Schwan.
The Schwan family will also retain 100% ownership of the company's legacy home-delivery business Schwan's Home Service Inc.
Following the transaction, Schwan's and its subsidiaries that focus on foods sold in retail and grocery channels and food-service venues became subsidiaries of CJ.
Schwan's brands include Red Baron, Freschetta, Tony's pizza, Pagoda Asian-style snacks, and Edwards and Mrs. Smith's desserts.
The transaction also included the manufacturing and logistics operations and various professional and administrative services of Schwan's.
In addition, Schwan's senior management team will remain in place, and the company will continue to be headquartered in Minnesota.