Campbell sells Garden Fresh Gourmet
Campbell Soup Company announced today 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.
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