View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
February 27, 2019

Campbell sells Garden Fresh Gourmet to Fountain of Health USA, outlines timetable for other disposals

US food firm Campbell Soup Co. announced it has signed an agreement to sell a business unit to an affiliate of Fountain of Health USA for an undisclosed sum.

By Leonie Barrie

US food business Campbell Soup Co. announced it has signed an agreement to sell Garden Fresh Gourmet to an affiliate of Fountain of Health USA for an undisclosed sum.

Free Report
img

Which ingredients are trending in Consumer Packaged Goods in 2022?

Consumers have radically re-thought their priorities in recent years: find out what new trends and needs are arising and how these can be addressed through selecting the right ingredients in product formulations. GlobalData’s report on Trending Ingredients in FMCG offers a deep dive into popular and emerging ingredients across FMCG categories. Gain insights into how positively or negatively consumers perceive these ingredients, appraise the latest product formulations incorporating these ingredients, and learn how to successfully leverage these credentials in NPD and marketing. This report covers:
  • Consumer Trends
  • Ingredients in Food & Drink
  • Ingredients in Beauty & Grooming
  • Ingredients in Household Care
Take a look now to understand which ingredients are impressing consumers, and make them work for your brand.
by GlobalData
Enter your details here to receive your free Report.

The sale is part of the soup and snack giant’s plan to divest its Campbell Fresh and Campbell International businesses to “increase the company’s focus, significantly reduce debt and strengthen its balance sheet”. It said the processes to sell Bolthouse Farms, also part of its Fresh division, and Campbell International, are both on-track, and that it expects to name buyers by the end of July.

Fountain of Health is a maker of hummus, dips, variety packs, prepared salads, pâtés, and frozen desserts. 

Campbell bought Michigan-based Garden Fresh Gourmet in June 2015 for US$231m as it built up its fresh foods division. It also manufactures hummus, dips and tortilla chips, both under the Garden Fresh Gourmet brand and as private-label products.

Campbell said the the transaction is expected to close in its fiscal 2019 third quarter.

Last week, Campbell announced the sale of its refrigerated soup plant in Everett, Washington, which was also part of Campbell Fresh, to an affiliate of local investment firm Joshua Green Corp.

It was in August that Campbell revealed that, as part of the company’s board-led strategy and portfolio review, it would be divesting its Campbell Fresh and Campbell International businesses.

It made the decision following a tough few months. In May, chief executive officer Denise Morrison stepped down after the company announced huge third-quarter losses.

The company then fought a bitter battle for control with activist investor and minority shareholder Third Point, which led to Campbell adding two of the private-equity firm’s picks to its board at an annual meeting in November.

Former Pinnacle Foods chief Mark Clouse was appointed as Campbell’s new CEO in December.

Related Companies

Free Report
img

Which ingredients are trending in Consumer Packaged Goods in 2022?

Consumers have radically re-thought their priorities in recent years: find out what new trends and needs are arising and how these can be addressed through selecting the right ingredients in product formulations. GlobalData’s report on Trending Ingredients in FMCG offers a deep dive into popular and emerging ingredients across FMCG categories. Gain insights into how positively or negatively consumers perceive these ingredients, appraise the latest product formulations incorporating these ingredients, and learn how to successfully leverage these credentials in NPD and marketing. This report covers:
  • Consumer Trends
  • Ingredients in Food & Drink
  • Ingredients in Beauty & Grooming
  • Ingredients in Household Care
Take a look now to understand which ingredients are impressing consumers, and make them work for your brand.
by GlobalData
Enter your details here to receive your free Report.

Topics in this article: ,
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every other month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Just Food