Seattle-based investment firm Joshua Green Corp. has struck a deal to buy soup maker Harris Soup Company, which does business as Harry’s Fresh Foods.
Joshua Green, which already owns soup business Cuizina Food Company, has agreed to buy Harry’s from affiliates of fellow US investment funds Sun Capital and Main Streey Capital Holdings, which acquired the business in 2010.
Harry’s manufactures premium refrigerated soups, entrees, sides and desserts. Products are distributed wholesale club stores, grocery stores and “other outlets”, Joshua Green said.
Stan McCammon, president and CEO of Joshua Green, said the acquisition reflected the investment vehicle’s desire to invest in stable industries with “excellent growth potential”. The transaction will be completed through JGC Foods, Joshua Green’s food-focused subsidiary.
Joshua Green said it expects its food portfolio to benefit from the deal. In particular, the firm said its bulk soup business Cuizina Food Company would benefit from Harry’s distribution network.
“Cuizina and Harry’s have very complementary operations enabling JGC Foods to become a single source provider to customers as it relates to fresh or frozen foods,” stated Jamie Colbourne, CEO of JGC Foods and Cuizina. “We feel very bullish about the prepared food market and look forward to continuing our expansion in this sector.”
Terms of the transaction were not disclosed.