According to an activist, ConAgra Foods Inc.’s private-label business is creating problem for the packaged-foods giant.

Jana Partners LLC showed that it has a 7.2% stake in ConAgra. It is now looking for changing its board, in a bid to turn around what according to the hedge fund has been an unsuccessful deal. The deal was a $5 billion purchase of private-label foods company Ralcorp.

ConAgra’s brands include Snack Pack pudding, Slim Jim jerky, and Hunt’s ketchup. The company said that it is looking forward to talk with Jana after announcing its fourth-quarter earnings on June 30. According to the company, “ConAgra Foods’ board of directors and management team are committed to acting in the best interests of all shareholders, and we welcome shareholder engagement”.

According to the hedge fund’s filing, after ConAgra revealed the value of the private-label unit by an additional $1.3 billion in March, totaling approximately $2.2 billion, Jana started purchasing stock in an attempt to push the company to review its assets, reduce costs in addition to improving its operating performance. He proposed three board nominees to the company, together with its founder, Barry Rosenstein, and former executives from General Mills Inc. and Nestlé SA.

The New York-based fund manages over $11 billion in assets. It has successfully supported changes and advocated board representation at several investments with no proxy fight in recent years. However, Jana said that it is ready to launch this sort of fight if it fails to reach an agreement with the company.