Camden / NJ. (csc) Campbell Soup Company announced it has entered into an agreement to acquire the assets and business of Garden Fresh Gourmet for 231 million USD. Garden Fresh Gourmet is the No. 1 branded refrigerated salsa in the U.S. and also makes hummus, dips and tortilla chips.
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. Packaged fresh foods represent a 19+ billion USD category that grew 4.9 percent in the past year, above the industry average. The division also includes the Bolthouse Farms portfolio of fresh carrots, super-premium refrigerated beverages, salad dressings and kids snacks, as well as the recently-launched 1915 brand of ultra-premium cold-pressed organic juices. It also includes Campbell´s retail refrigerated soups.
«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 USD in net sales for the year ended December 31, 2014. With the addition of Garden Fresh Gourmet, the Campbell Fresh division will account for more than one billion USD in annual net sales.