Bellisio Foods sold for a billion

The Wall Street Journal reports the Minneapolis-based and Duluth-founded Bellisio Foods company is being sold “for nearly $1.1 billion.” The business started by Duluth’s wealthiest man will soon be owned by Thailand’s wealthiest man.

Jeno Paulucci founded the company in 1985 as Luigino’s, producing frozen food brands such as Michelina’s. The corporate name changed to Bellisio Foods in 2007. Paulucci died in 2011. He sold Bellisio Foods to Centre Partners the day before he died. Charoen Pokphand Foods in Bangkok, owned by Dhanin Chearavanont, expects to close on its purchase of the company within 180 days.