Conagra Foods (CAG) is all in on millennials eating frozen food.

Conagra Foods CEO Sean Connolly tells TheStreet millennial eating trends were one reason why he decided to spend $10.9 billion to buy frozen food player Pinnacle Foods (PF) . "We can flash freeze anything," Connolly said, explaining that millennials are looking for healthy, affordable eating options (like frozen food).

Connolly said for now, Conagra is done with deals as it looks to de-leverage its balance sheet. But, he added that his team will remain on the prowl as part of a broader push to reshape Conagra's portfolio.  

Read more on Conagra's big deal on TheStreet's sister publication The Deal here