Campbell Soup Co. is looking to expand within the packaged fresh food category with the acquisition of Garden Fresh Gourmet for $231 million.
According to an article in Food Business News, Garden Fresh Gourmet, which generated $100 million in net sales last year, is the leading US brand in refrigerated salsa and also produces hummus, dips and tortilla chips. Following the acquisition, it will become part of Campbell’s Fresh division.
Denise Morrison, Campbell president and CEO, said that the expansion of Garden Fresh Gourmet was “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”, she added.
It is reported that Campbell expects to complete the transaction in the fourth quarter of fiscal 2015.
Source: Food Business News