CAMDEN, N.J.--(BUSINESS WIRE)--Campbell Soup Company (NYSE:CPB) today announced it has completed the acquisition of the assets and business of Garden Fresh Gourmet for $231 million. Garden Fresh Gourmet is the No. 1 branded refrigerated salsa in the U.S. and also makes hummus, dips and tortilla chips.1
Jeff Dunn, President–Campbell Fresh, said, “The acquisition of Garden Fresh Gourmet provides Campbell with another platform for growth in a key strategic area - the fast-growing perimeter of the grocery store. Garden Fresh Gourmet's on-trend products are the ideal complement to the Bolthouse Farms portfolio in the produce section and will help extend our presence in the deli section. We're excited to take Garden Fresh Gourmet to the next level.”
Garden Fresh Gourmet is part of the Campbell Fresh division, focused on building the company’s scale and accelerating growth in rapidly expanding packaged fresh categories. The division also includes the Bolthouse Farms portfolio and Campbell’s retail refrigerated soups.
Headquartered in Ferndale, Mich. and with approximately 500 employees, Garden Fresh Gourmet generated $100 million in net sales for the year ended Dec. 31, 2014. Garden Fresh Gourmet is led by Todd Putman, General Manager–Garden Fresh, within the Campbell Fresh division.
About Campbell Soup Company
Campbell (NYSE:CPB) is driven and inspired by our Purpose, “Real food that matters for life’s moments.” The company makes a range of products from high-quality soups and simple meals to snacks and healthy beverages. For generations, people have trusted Campbell to provide authentic, flavorful and readily available foods and beverages that connect them to each other, to warm memories, and to what’s important today. Led by its iconic Campbell’s brand, the company’s portfolio includes Pepperidge Farm, Goldfish, Bolthouse Farms, V8, Swanson, Prego, Pace, Plum, Garden Fresh Gourmet, Arnott’s, Tim Tam, Royal Dansk and Kjeldsens. Founded in 1869, Campbell has a heritage of giving back and acting as a good steward of the planet’s natural resources. The company is a member of the Standard & Poor’s 500 and the Dow Jones Sustainability Indexes. For more information, visit www.campbellsoupcompany.com or follow company news on Twitter via @CampbellSoupCo.
This release contains “forward-looking statements” that reflect the company’s current expectations about the impact of its future plans and performance on the company’s business or financial results. These forward-looking statements, including the statements made regarding the expected impact of the Garden Fresh Gourmet acquisition, rely on a number of assumptions and estimates that could be inaccurate and which are subject to risks and uncertainties. The factors that could cause the company’s actual results to vary materially from those anticipated or expressed in any forward-looking statement include (1) the company’s ability to realize the anticipated benefits from the acquisition of Garden Fresh Gourmet and to manage other organizational changes effectively; (2) the company’s ability to realize projected cost savings and benefits from its efficiency programs; (3) the impact of strong competitive responses to the company’s efforts to leverage its brand power in the market; (4) the impact of changes in consumer demand for the company’s products; (5) the risks associated with trade and consumer acceptance of the company’s initiatives, including its trade and promotional programs; (6) the practices, including changes to inventory practices, and increased significance of certain of the company’s key trade customers; (7) the impact of fluctuations in the supply or costs of energy and raw and packaging materials; (8) the uncertainties of litigation; (9) the impact of changes in currency exchange rates, tax rates, interest rates, debt and equity markets, inflation rates, economic conditions and other external factors; (10) the impact of unforeseen business disruptions in one or more of the company’s markets due to political instability, civil disobedience, armed hostilities, natural disasters or other calamities; and (11) other factors described in the company’s most recent Form 10-K and subsequent Securities and Exchange Commission filings. The company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.
1 IRI InfoScan - Total US MULO; 52 weeks ending 1/25/15