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Campbell Completes Acquisition of Garden Fresh Gourmet

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CAMDEN, N.J.–(BUSINESS WIRE)–Jun. 29, 2015–
Campbell Soup Company (NYSE:CPB) today announced it has completed
the acquisition of the assets and business of Garden Fresh Gourmet for
$231 million. Garden Fresh Gourmet is the No. 1 branded
refrigerated salsa in the U.S. and also makes hummus, dips and tortilla

Jeff Dunn, President–Campbell Fresh, said, “The acquisition of Garden
Fresh Gourmet provides Campbell with another platform for growth in a
key strategic area – the fast-growing perimeter of the grocery store.
Garden Fresh Gourmet’s on-trend products are the ideal complement to the
Bolthouse Farms portfolio in the produce section and will help extend
our presence in the deli section. We’re excited to take Garden Fresh
Gourmet to the next level.”

Garden Fresh Gourmet is part of the Campbell Fresh division, focused on
building the company’s scale and accelerating growth in rapidly
expanding packaged fresh categories. The division also includes the
Bolthouse Farms portfolio and Campbell’s retail refrigerated soups.

Headquartered in Ferndale, Mich. and with approximately 500 employees,
Garden Fresh Gourmet generated $100 million in net sales for the year
ended Dec. 31, 2014. Garden Fresh Gourmet is led by Todd Putman, General
Manager–Garden Fresh, within the Campbell Fresh division.

About Campbell Soup Company

Campbell (NYSE:CPB) is driven and inspired by our Purpose, “Real food
that matters for life’s moments.” The company makes a range of products
from high-quality soups and simple meals to snacks and healthy
beverages. For generations, people have trusted Campbell to provide
authentic, flavorful and readily available foods and beverages that
connect them to each other, to warm memories, and to what’s important
today. Led by its iconic Campbell’s brand, the company’s
portfolio includes Pepperidge Farm, Goldfish, Bolthouse
, V8, Swanson, Prego, Pace, Plum,
Garden Fresh Gourmet, Arnott’s, Tim Tam, Royal
and Kjeldsens. 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 & Poor’s 500
and the Dow Jones Sustainability Indexes. For more information, visit
or follow company news on Twitter via @CampbellSoupCo.

Forward-Looking Statements

This release contains “forward-looking statements” that reflect the
company’s current expectations about the impact of its future plans and
performance on the company’s business or financial results. These
forward-looking statements, including the statements made regarding the
expected impact of the Garden Fresh Gourmet acquisition, rely on a
number of assumptions and estimates that could be inaccurate and which
are subject to risks and uncertainties. The factors that could cause the
company’s actual results to vary materially from those anticipated or
expressed in any forward-looking statement include (1) the company’s
ability to realize the anticipated benefits from the acquisition of
Garden Fresh Gourmet and to manage other organizational changes
effectively; (2) the company’s ability to realize projected cost savings
and benefits from its efficiency programs; (3) the impact of strong
competitive responses to the company’s efforts to leverage its brand
power in the market; (4) the impact of changes in consumer demand for
the company’s products; (5) the risks associated with trade and consumer
acceptance of the company’s initiatives, including its trade and
promotional programs; (6) the practices, including changes to inventory
practices, and increased significance of certain of the company’s key
trade customers; (7) the impact of fluctuations in the supply or costs
of energy and raw and packaging materials; (8) the uncertainties of
litigation; (9) the impact of changes in currency exchange rates, tax
rates, interest rates, debt and equity markets, inflation rates,
economic conditions and other external factors; (10) the impact of
unforeseen business disruptions in one or more of the company’s markets
due to political instability, civil disobedience, armed hostilities,
natural disasters or other calamities; and (11) other factors described
in the company’s most recent Form 10-K and subsequent Securities and
Exchange Commission filings. The company disclaims any obligation or
intent to update the forward-looking statements in order to reflect
events or circumstances after the date of this release.

1 IRI InfoScan – Total US MULO; 52 weeks ending 1/25/15

Source: Campbell Soup Company

Campbell Soup Company
Driscoll, 856-342-6081
[email protected]
Carla Burigatto, 856-342-3737
[email protected]

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