Sun-Maid Growers of California Acquires Plum Organics From Campbell Soup Company
Sun-Maid Growers of California announced its acquisition of Plum Organics, a premium organic baby food and snacks brand, from Campbell Soup Company (NYSE:CPB). Though the transaction terms remain undisclosed, Sun-Maid aims to enhance its product offerings for families by integrating Plum’s certified organic and non-GMO range into its portfolio. This acquisition is seen as a strategic move to bolster growth in the healthy snacking market, aligning with Sun-Maid's commitment to provide nutritious options for children. The deal is anticipated to close in Spring 2021.
- Strategic acquisition of Plum Organics enhances Sun-Maid's product lineup.
- Plum's brand aligns with Sun-Maid's focus on healthy, organic snacks.
- Potential for growth in the children’s nutrition segment.
- None.
Sun-Maid Growers of California today announced it will acquire Plum Organics, a leading premium, organic baby food and kids snacks brand, from Campbell Soup Company (NYSE:CPB). Terms of the transaction were not disclosed.
Plum offers a diverse portfolio of organic foods and snacks to meet the nutritional needs of babies, tots and kids. All of Plum’s products are certified organic and non-GMO.
“We’re excited to welcome Plum Organics’ nutritious line of baby, toddler and kids’ food products to our imaginative world of delicious, whole fruit snacks. Our purpose is to help mom find better-for-you food options that taste great and kids will love. Adding Plum to our innovative product lineup delivers even more choices for her and her family,” said Harry Overly, CEO and president of Sun-Maid Growers of California. “Plum is a natural fit for the Sun-Maid family given our expertise, leadership and rapid growth in healthy snacking, along with our strong emotional connection with family households. Its acquisition is an integral part of our continued dedication to providing superior products while delivering category growth. We're committed to carrying on Plum's mission of serving babies the very best food from the first bite."
Chris Foley, Campbell’s President of Meals & Beverages, said, “The sale of the Plum Organics baby food brand is part of our ongoing strategic process to create even greater focus on driving growth in the division’s core categories of soup, sauces and beverages.”
Plum Organics was founded in 2007 by a group of parents on a mission to give the very best food to their little ones. Campbell acquired Plum in 2013.
The anticipated closing date for this transaction is Spring 2021.
Sun-Maid was advised by Cascadia Capital. Campbell was advised by Evercore.
About Sun-Maid Growers of California
Founded in 1912, Sun-Maid Growers of California is a farmers’ cooperative of 750 grower families with vineyards in California’s Central Valley. From childhood to adulthood and generation to generation, Sun-Maid snacks have grown up with you. And while some things change, our ingredients haven’t—they’re real, minimally processed and consistently good. The timeless and trusted go-to snack that’s simple, healthy and versatile, Sun-Maid fills each day with moments of sunshine, one little red box at a time. For more information about Sun-Maid, visit www.sunmaid.com.
About Campbell Soup Company
Campbell (NYSE:CPB) is driven and inspired by our purpose, "Real food that matters for life's moments." For generations, people have trusted Campbell to provide authentic, flavorful and affordable snacks, soups and simple meals, and beverages. Founded in 1869, Campbell has a heritage of giving back and acting as a good steward of the planet's natural resources. The company is a member of the Standard and Poor's 500 and the FTSE4Good Index. For more information, visit www.campbellsoupcompany.com or follow company news on Twitter via @CampbellSoupCo.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210331005975/en/
FAQ
What is the purpose of Sun-Maid's acquisition of Plum Organics?
When is the expected closing date for the Plum Organics acquisition?
What type of products does Plum Organics offer?
How does this acquisition impact Campbell Soup Company (CPB)?
