Campbell to acquire Garden Fresh Gourmet

Campbell Soup Company (NYSE:CPB) has entered into an agreement to acquire the assets and business of Garden Fresh Gourmet for $231 million. Garden Fresh Gourmet is a leading branded refrigerated salsa in the United States and also makes hummus and dips.
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 center of gravity.”
Garden Fresh Gourmet will become part of the Campbell Fresh division (formerly called Packaged Fresh), leveraging the Bolthouse Farms refrigerated fresh platform. 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. The division also includes the Bolthouse Farms portfolio of fresh carrots, refrigerated beverages, and salad dressings, as well as the recently launched 1915 brand of cold-pressed organic juices. It also includes Campbell’s retail refrigerated soups.
For the year ended December 31, 2014, Garden Fresh Gourmet generated $100 million in net sales. With this company’s addition, the Campbell Fresh division will account for more than $1 billion in annual net sales.
Founded in 1998, Garden Fresh Gourmet has about 500 employees with headquarters in Ferndale MI. The company also has operations in Grand Rapids MI, Inkster MI, and Detroit MI. It will continue to operate out of Ferndale, and will be led by Todd Putman, general manager–Garden Fresh, within the Campbell Fresh division.
Campbell expects the transaction not to affect its previously announced fiscal 2015 guidance and to be slightly accretive beginning in fiscal 2016. Closing of the transaction is subject to regulatory approvals and customary closing conditions and is expected to occur in the fourth quarter of fiscal 2015.
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