Campbell Soup Company announced that it has signed a definitive agreement for the sale of Garden Fresh Gourmet to an affiliate of Fountain of Health USA, a maker of hummus, dips, variety packs, prepared salads, pâtés, and frozen desserts. Terms of the transaction were not disclosed.
Garden Fresh Gourmet is part of the Campbell Fresh division, which also includes Bolthouse Farms. Campbell recently announced the sale of its Everett, Washington, refrigerated soup plant that was also part of Campbell Fresh.
As outlined in August 2018 as part of its Board-led strategy and portfolio review, Campbell is in the process of divesting both its Campbell Fresh and Campbell International businesses to increase the company’s focus, significantly reduce debt and strengthen its balance sheet. The processes to sell Bolthouse Farms and Campbell International are both on-track, and Campbell expects to name buyers by the end of fiscal 2019.
Founded in 1998 and acquired by Campbell in 2015, Garden Fresh Gourmet is the No. 1 branded refrigerated salsa in the U.S. Garden Fresh Gourmet also makes, sells and distributes hummus, dips and tortilla chips both under the Garden Fresh Gourmet brand and private label products. Garden Fresh Gourmet is located in Ferndale, Michigan, and also has operations in Grand Rapids, Michigan.
The transaction is subject to customary closing conditions and is expected to close in Campbell’s fiscal 2019 third quarter.
About Campbell Soup Company
Campbell (NYSE:CPB) is driven and inspired by our Purpose, “Real food that matters for life’s moments.” For generations, people have trusted Campbell to provide authentic, flavorful and affordable snacks, soups and simple meals, and beverages. 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 and Poor’s 500 and the Dow Jones Sustainability Indexes. For more information, visit www.campbellsoupcompany.com or follow company news on Twitter via @CampbellSoupCo. To learn more about how we make our food and the choices behind the ingredients we use, visit www.whatsinmyfood.com.
About Fountain of Health USA
Founded in 1990, Fountain of Health USA is a leader in the North American dips industry, selling a wide range of products including hummus, dips, variety packs, prepared salads, pâtés, and frozen desserts. For more information, visit http://www.fountainofhealth.us.
INVESTOR CONTACT: Ken Gosnell, (856) 342-6081, Ken_Gosnell@campbellsoup.com
MEDIA CONTACT: Thomas Hushen, (856) 342-5227, Thomas_Hushen@campbellsoup.com
