Milwaukee-based frozen pizza manufacturer Palermo Villa Inc. has acquired the assets of a major competitor in the space, Carol Stream, Illinois-based Connie’s Naturals LLC.
The financial terms of the transaction, which is being funded with working capital, were not disclosed. The Connie’s restaurant chain in Illinois was not included in the deal. Palermo will get the trademarks for all eight varieties of Connie’s pizzas, which it started manufacturing and distributing last fall.
Palermo’s will add Connie’s frozen pizza to its product line, which also includes Palermo’s Pizza, P’mos, Screamin’ Sicilian and Urban Pie Pizza Co. Palermo’s also makes premium private label frozen pizza for the retail and club industries.
The Milwaukee manufacturer said the companies are complementary because they have similar histories. Both were founded in the 1960s and passed down to the next generation as family companies.
All of the Connie’s frozen pizza employees were either hired by Palermo or transferred into other businesses owned by the seller, a Palermo Villa spokesperson said. The companies declined to release employment figures.
Palermo’s plans to launch new product packaging and a new website for Connie’s frozen pizza.
“This acquisition helps solidify Palermo’s position as one of the nation’s largest pizza companies,” said Giacomo Fallucca, president and chief executive officer of Palermo Villa Inc. “Adding Connie’s to our offerings expands our footprint in the Midwest and particularly in Chicago, one of the biggest frozen pizza markets in the country. And, of course, it will further strengthen our business in a highly competitive industry.”
Palermo Villa is the fifth largest frozen pizza maker in the U.S., according to Statista.
“We’re confident that Palermo’s will continue to make Connie’s frozen pizza with the quality and passion that my family has for decades,” said Marc Stolfe, president of Connie’s Naturals LLC.
