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The Associated Press April 12, 2010, 5:05PM ET

ConAgra acquires snack bar maker Elan Nutrition

ConAgra Foods Inc. has bought privately held snack and nutrition bar maker Elan Nutrition to boost its private label business.

Terms of the deal, which closed Monday, were not disclosed.

Elan Nutrition, based in Grand Rapids, Mich., had been owned by an affiliate of Sun Capital Partners Inc. since 2003.

ConAgra said in a news release the deal will allow it to expand its private label bar business because it will have more capacity to develop and manufacture those products.

ConAgra said it plans to hire Elan's employees.

CEO Gary Rodkin said he has confidence in the potential of the snack bar category.

ConAgra currently makes private label bars in Lakeville, Minn. The company said that facility will continue to operate as normal.

ConAgra said that because of its relatively small size, the acquisition does not change its guidance.

Based in Omaha, ConAgra makes brands such as Banquet, Chef Boyardee and Hebrew National.

Shares of ConAgra fell 23 cents to close at $25 on Monday.

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