J & J Snack Foods has announced that it has entered into an agreement to acquire the frozen handheld business of ConAgra Foods for an undisclosed price. The business sells dough enrobed products sold under the Patio, Hand Fulls, Holly Ridge Bakery, Villa Taliano, Top Picks and private label brands.
The company said that it does not expect the acquired business to contribute operating income to the company over the short term. The business is presently generating sales at an annual rate of approximately $50M. Closing of the transaction is expected to be in May.