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Campbell and Affiliate of Fountain of Health USA Sign Definitive Agreement for Sale of Garden Fresh Gourmet

CAMDEN, N.J.–(BUSINESS WIRE)–Feb. 26, 2019–
Campbell Soup Company (NYSE: CPB) announced today that it has
signed a definitive agreement for the sale of Garden Fresh Gourmet to an
affiliate of Fountain of Health USA, a maker of hummus, dips, variety
packs, prepared salads, pâtés, and frozen desserts. Terms of the
transaction were not disclosed.

Garden Fresh Gourmet is part of the Campbell Fresh division, which also
includes Bolthouse Farms. Campbell recently announced the sale of its
Everett, Washington, refrigerated soup plant that was also part of
Campbell Fresh.

As outlined in August 2018 as part of its Board-led strategy and
portfolio review, Campbell is in the process of divesting both its
Campbell Fresh and Campbell International businesses to increase the
company’s focus, significantly reduce debt and strengthen its balance
sheet. The processes to sell Bolthouse Farms and Campbell International
are both on-track, and Campbell expects to name buyers by the end of
fiscal 2019.

Founded in 1998 and acquired by Campbell in 2015, Garden Fresh Gourmet
is the No. 1 branded refrigerated salsa in the U.S. Garden Fresh Gourmet
also makes, sells and distributes hummus, dips and tortilla chips both
under the Garden Fresh Gourmet brand and private label products. Garden
Fresh Gourmet is located in Ferndale, Michigan, and also has operations
in Grand Rapids, Michigan.

The transaction is subject to customary closing conditions and is
expected to close in Campbell’s fiscal 2019 third quarter.

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 Dow Jones Sustainability Indexes. For more information,
visit www.campbellsoupcompany.com
or follow company news on Twitter via @CampbellSoupCo.
To learn more about how we make our food and the choices behind the
ingredients we use, visit www.whatsinmyfood.com.

About Fountain of Health USA

Founded in 1990, Fountain of Health USA is a leader in the North
American dips industry, selling a wide range of products including
hummus, dips, variety packs, prepared salads, pâtés, and frozen
desserts. For more information, visit http://www.fountainofhealth.us.

Source: Campbell Soup Company

INVESTOR CONTACT:
Ken Gosnell
(856)
342-6081
[email protected]

MEDIA CONTACT:
Thomas Hushen
(856)
342-5227
[email protected]campbellsoup.com