Campbell Soup Company has finalized an agreement to sell its Noosa yogurt brand to Lakeview Farms, a company that specializes in desserts and dips in the U.S. The financial terms of this transaction have not been publicly disclosed.
In March of this year, Campbell acquired Noosa as part of its larger purchase of Sovos Brands, a deal that was initially announced in August 2023. However, by June, Campbell indicated that it would “explore strategic alternatives” for Noosa, known for producing Australian-style yogurt products crafted from whole milk.
The sale encompasses all Noosa yogurt trademarks and includes a manufacturing facility located in Bellvue, Colorado. This move will also see approximately 240 employees from Noosa joining Lakeview Farms, aligning with the company’s growth strategy in the food and beverage industry.
This acquisition is a strategic step for Lakeview Farms, which aims to increase the “size and scale” of its refrigerated product lineup. The company sees the acquisition of Noosa as an opportunity to strengthen its growth potential in the U.S. market. Lakeview Farms CEO Tom Davis remarked, “Noosa fits perfectly into our portfolio of premium refrigerated food brands and offers Lakeview a unique opportunity to step into the high-growth yogurt category. Noosa also brings us a team with deep talent and expertise and a state-of-the-art manufacturing facility.”
The acquisition extends Lakeview’s reach into the projected $8 billion U.S. yogurt category. According to Campbell, Noosa generated net sales of $177 million in the 12 months ending in October 2024.
Mick Beekhuizen, president of Campbell’s meals and beverages division, stated, “Noosa is a well-run business supported by a great team. 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.”
The transaction is expected to close in the first quarter of 2025, pending necessary closing conditions.
In the recent past, Campbell (known for brands such as Cape Cod and Goldfish) reported a 1% decline in organic sales, totaling $9.6 billion in the 12 months ending July 28. However, adjusted EBIT increased by 6% to $1.5 billion, and adjusted EPS rose by 3% to $3.08.
During an investor day in September, the company announced new long-term targets, aiming for organic growth of 2-3%, up from approximately 2% previously, alongside adjusted EBIT accretion of 4-6% and adjusted EPS progression of 7-9%. In a significant corporate rebranding effort, Campbell Soup Co. plans to transition to The Campbell’s Company, pending shareholder approval at an upcoming meeting.
This transaction highlights the ongoing trends within the food and drink business, particularly related to premium products and strategic market positioning. As consumer preferences continue to evolve, companies within the food and beverage industry must adapt to the shifting landscape, identifying opportunities that enhance market share and growth potential.
