CHICAGO — An Italian investment company owned by Consilum SGR S.p.A., Progressio SGR S.p.A. and MMM S.r.l. has entered into a definitive agreement to acquire the Gelit Italian frozen pasta business from Conagra Brands, Inc. Financial terms of the transaction were not disclosed.

Based in Doganella di Ninfa, Italy, Gelit produces Italian frozen food and ready meals primarily for private label customers. The business employs 145 people and operates a facility in Doganella di Ninfa, supplying products to customers around the world.

The transaction is subject to customary closing conditions.

Chicago-based Conagra Brands in January said it was exploring strategic alternatives for the business. Over the past few years, under the leadership of president and chief executive officer Sean M. Connolly, Conagra has transformed itself into a pure-play, branded consumer packaged goods company. Actions have included divesting noncore businesses, including Wesson, Spicetec Flavors & Seasons and JM Swank.