Food company Del Monte Foods, has announced the acquisition of Kitchen Basics from McCormick & Company.
Kitchen Basics was founded in 1996 and has an extensive portfolio of ready-to-use stocks and broths, and is currently still the leader of this category in the US.
Del Monte Foods is one of the largest producers, distributors, and marketers of premium, branded food products for the US retail market.
According to PR Newswire, with this acquisition, Kitchen Basics will contribute to Del Monte’s national expansion and will strengthen its retail presence in the stocks and broths category.
Greg Longstreet, president, and CEO of Del Monte Foods, said: “Del Monte Foods has gone through a positive transformation over the past five years, and we have become a leading innovative CPG growth company. As we plan for the next decade of growth, we’re committed to strengthening our branded product portfolio to meet consumers’ changing needs. Building on our regional College Inn brand, the acquisition of Kitchen Basics will provide synergies across our business to scale our broth and stock portfolio across North America”.
No employees were involved in this transaction, and specific terms of the deal were not disclosed.
Source: PR Newswire