The Campbell Soup Co. is selling its noosa yogurt business to Lakeview Farms, a manufacturer of fresh dips, desserts and specialty products. Terms of the transaction were not disclosed.
Campbell’s purchased noosa as part of its Sovos Brands acquisition in March. At that time, Campbell’s shared its intention to evaluate alternatives for the brand, as yogurt is not core to Campbell’s strategy.
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The noosa business generated net sales of $177 million for the last 12 months, ending in October. Campbell’s does not expect the divestiture to have a material impact to its fiscal 2025 financial results. The transaction is expected to be dilutive to earnings per share by about $0.01 in fiscal 2025.
Mick Beekhuizen, EVP and president of Campbell’s Meals & Beverages, described noosa as a “well-run business supported by a great team.”
“We are pleased that its new home will be with a buyer with a strategic focus on the refrigerated category,” he said. “The sale will drive greater focus on our portfolio of leadership brands.”
The transaction, which is subject to customary closing conditions, including regulatory approvals, is expected to be completed in the first quarter of 2025.
Headquartered in Camden, New Jersey, since 1869, Campbell’s portfolio includes brands such as Campbell’s, Cape Cod, Goldfish, Kettle Brand, Lance, Late July, Milano, Michael Angelo’s, Pace, Pacific Foods, Pepperidge Farm, Prego, Rao’s, Snyder’s of Hanover, Swanson and V8.
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