Campbell's has announced the sale of its Noosa yoghurt brand, a business it acquired as pat of its takeover of Sovos Brands earlier this year, to Lakeview Farms.
The terms of the transaction were not disclosed, Campbell's said in a statement.
Campbell's acquired Sovos Brands in March 2024, and at the time highlighted its intention to evaluate strategic alternatives for the Noosa brand, was the yoghurt category is not core to Campbell's strategy.
'A Well-Run Business'
“Noosa is a well-run business supported by a great team," commented Mick Beekhuizen, executive vice president and president, Campbell’s Meals & Beverages
"We are pleased that its new home will be with a buyer with a strategic focus on the refrigerated category. The sale will drive greater focus on our portfolio of leadership brands.”
No Material Impact
The Noosa business generated net sales of $177 million (€166.9 million) in the 12 months to October 2024, Campbell's noted, adding that it does not expect its divestment to have a material impact on its fiscal 2025 results.
'The transaction is expected to be dilutive to earnings per share by approximately $0.01 in fiscal 2025', it noted.
The closing of the transaction is subject to closing conditions and regulatory approvals, and is expected to be completed in the first quarter of next year. Goldman Sachs acted as financial advisor and Davis Polk & Wardwell LLP served as legal advisor to Campbell’s on the transaction.
In September, Campbell Soup Company announced its rebrand to The Campbell’s Company, to reflect its evolving focus beyond its iconic soups. This change marks a strategic pivot as Campbell’s expands its portfolio to emphasise a broader range of packaged foods, including popular jarred sauces like Rao’s, Goldfish snacks, V8 beverages, and Prego sauces.
