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Campbell to Acquire Plum Organics, a Leading Premium, Organic Kids Nutrition Company

Press Releases

Campbell Enters Rapidly-Growing Premium Baby Food Category; Expands
Core Business in North America

CAMDEN, N.J.–(BUSINESS WIRE)–May. 23, 2013–
Campbell Soup Company (NYSE:CPB) today announced it has entered
into an agreement to acquire Plum Organics, a leading provider of
premium, organic foods and snacks that serve the nutritional needs of
babies, toddlers and children. The company is based in Emeryville,
Calif. “Plum” is the No. 2 brand of organic baby food in the U.S. and is
currently the No. 4 baby food brand overall.

Baby food is an approximately $2 billion category in the United States.
From 2010 to 2012, the premium and organic segments grew at an average
annual rate of 43 percent.

The acquisition of Plum will provide Campbell with an attractive
platform to extend its core categories of simple meals, snacks and
beverages and enhance its access to a new generation of consumers.
Plum’s products have strong distribution in key customer channels,
including online, natural and baby specialty outlets. With the addition
of Plum Organics’ products, Campbell’s portfolio of kids-focused soups,
beverages and snacks will have annual sales of more than $1 billion.

Denise Morrison, Campbell’s President and Chief Executive Officer, said,
“Plum Organics’ nutritious, on-trend products are a great addition to
our North American portfolio of leading brands. The acquisition will
help deliver on our dual mandate to strengthen our core businesses and
to expand into faster-growing categories and adjacencies. It represents
another step toward our long-term goal of shifting Campbell’s center of

Plum, started in 2007 by co-founder Neil Grimmer, has used rapid
innovation to launch over 150 products for babies, toddlers and kids in
the United States and the United Kingdom.

Grimmer said, “Plum was founded by a group of parents on a mission to
give the very best food to our little ones. To date, we’ve made a huge
impact serving over 200 million organic meals and snacks. Joining the
Campbell family will allow us to amplify our mission to reach even more
little ones on a global scale. We look forward to building an exciting
future together.”

Top Plum products include organic baby food in convenient squeezable
pouches; “Super Puffs,” a line of bite-sized nutritious puffed snacks;
“Plum Mighty Four,” a new line of nutritious toddler snack pouches; and
“Plum Kids” “Mashups,” a line of fun squeezable fruit, veggies and Greek

Campbell plans to operate Plum as a standalone business within its
Campbell North America division. Senior members of Plum Organics’
management team, including Grimmer, will join Campbell, and continue to
lead Plum and its mission-driven culture from Emeryville. As President
of Plum, Grimmer will report to Mark Alexander, President-Campbell North

Alexander said, “Plum Organics has deep connections and strong appeal
with young parents. We believe that the combination of Plum’s brands and
unique products with Campbell’s brand-building capabilities, consumer
insights expertise and supply chain resources will help accelerate the
brand’s growth.”

Plum Organics generated $93 million in gross sales for the year ended
Dec. 31, 2012. Financial terms of the transaction were not
disclosed. The acquisition will not affect Campbell’s
previously-announced fiscal 2013 guidance.

Campbell will fund the acquisition through available credit. The closing
of the transaction is subject to regulatory approvals and customary
closing conditions and is expected to occur in the fourth quarter of
fiscal 2013.

Davis Polk & Wardwell served as Campbell’s legal counsel. Plum was
advised by Houlihan Lokey, and Jones Day acted as legal counsel.

About Campbell Soup Company

Campbell Soup Company is a manufacturer and marketer of high-quality
foods and simple meals, including soup and sauces, baked snacks and
healthy beverages. Founded in 1869, the company has a portfolio of
market-leading brands, including “Campbell’s,” “Pepperidge Farm,”
“Arnott’s,” “V8” and “Bolthouse Farms.” Through its corporate social
responsibility program, the company strives to make a positive impact in
the workplace, in the marketplace and in the communities in which it
operates. Campbell is a member of the Standard & Poor’s 500 and the Dow
Jones Sustainability Indexes. For more information, visit

About Plum Organics

Plum Organics® is a pioneer and a leading provider of premium,
nutritious organic baby food, toddler and kid snack food products.
Recognized for their unique, culinary-inspired recipes and a modern
approach to family nutrition, Plum offers a complete line of organic
products that ensure healthy eating from the highchair to the lunchbox™.
Plum has dedicated its social mission to delivering nutrient rich,
organic food into the hands of little ones in need across America. Forbes
magazine named Plum #19 on its 2013 list of “America’s Most
Promising Companies.” For more information about Plum please visit:

Forward-Looking Statements

This release contains “forward-looking statements.” Forward-looking
statements can be identified by words such as “anticipates,” “intends,”
“plans,” “believes,” “estimates,” “expects” and similar references to
future periods. Examples of forward-looking statements include, but are
not limited to, statements we make on the expected impact of the Plum,
Inc. acquisition. Forward-looking statements are based on our current
expectations and assumptions regarding our business, our industry and
other future conditions. Forward-looking statements are subject to
inherent uncertainties, risks and changes in circumstances that are
difficult to predict. Our actual results may differ materially from
those contemplated by the forward-looking statements. Important factors
that could cause actual results to differ materially from those in the
forward-looking statements include our ability to realize the
anticipated benefits from the Plum, Inc. acquisition and the other
factors described in the company’s most recent Form 10-K and subsequent
SEC filings. We undertake no obligation to update these statements to
reflect new information or future events.

Source: Campbell Soup Company

Campbell Soup Company
Carla Burigatto (Media)
Driscoll (Analysts / Investors)

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