Rick Bayless sells Frontera Foods to ConAgra

Chef Rick Bayless, known for his PBS series "Mexico: One Plate at a Time," agreed to sell his Chicago-based gourmet Mexican food company to ConAgra Foods.

ConAgra closed yesterday on the purchase of Frontera Foods for undisclosed terms.

With the acquisition, ConAgra - known for Slim Jim, Banquet and Reddi-wip - gains the Frontera, Red Fork and Salpica grocery brands.

Frontera Foods was launched in 1996 by Bayless and Manny Valdes, a former Kraft Foods executive, to produce regional Mexican food products using all natural ingredients.

Read more from the Chicago Tribune.