Campbell Soup Company to acquire Garden Fresh Gourmet for $231m
9 June 2015 • Author(s): Victoria White
Campbell Soup Company has entered into an agreement to acquire the assets and business of Garden Fresh Gourmet for $231 million.
Garden Fresh Gourmet produces the No. 1 branded refrigerated salsa in the US and also makes hummus, dips and tortilla chips.1
Denise Morrison, Campbell’s President and Chief Executive Officer, said, “The acquisition of Garden Fresh Gourmet is another milestone in reshaping our portfolio toward faster-growing categories, including packaged fresh and organic foods. Garden Fresh Gourmet’s on-trend products will provide Campbell with another growth engine to help us continue to shift our centre of gravity.”
Garden Fresh Gourmet will become part of the Campbell Fresh division (formerly called Packaged Fresh). Under Campbell’s new enterprise structure, the division will focus on building the company’s scale and accelerating growth in rapidly expanding packaged fresh categories across the retail perimeter. Packaged fresh foods represent a $19+ billion category that grew 4.9% in the past year, above the industry average.
Campbell aims to make Garden Fresh Gourmet a national brand in the US
“Garden Fresh Gourmet will allow the Campbell Fresh division to expand in the deli section of the grocery store perimeter and will complement our strong presence in the produce section. It is a logical extension of our fresh food and beverage platform that resonates with today’s consumers. This is a critical next step in our journey to becoming the leader in the fast-growing packaged fresh category,” said Jeff Dunn, President–Campbell Fresh. “Garden Fresh Gourmet is an American success story, whose leadership has built a vibrant brand with a loyal following in faster-growing categories like refrigerated salsas and hummus. We will leverage our packaged fresh production and distribution, sales and brand-building capabilities to help Garden Fresh Gourmet become a national brand.”
Garden Fresh Gourmet generated $100 million in net sales for the year ended 31 December 2014. With the addition of Garden Fresh Gourmet, the Campbell Fresh division will account for more than $1 billion in annual net sales.
Jack Aronson, co-founder of Garden Fresh Gourmet, said, “We believe Campbell is the right company to take Garden Fresh Gourmet to the next level and introduce our great products to more customers and more consumers. I know Campbell is a fitting home for the Garden Fresh Gourmet family.”
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