The Campbell Soup Company has sold its yogurt-based noosa Yogurt brand to Lakeview Farms, LLC, a fresh dips, desserts and specialty products manufacturer.
Noosa is a top manufacturer of Australian-style premium whole-milk yogurt, recognized for its creamy texture and unique flavors.
The deal includes all Noosa trademarks and its manufacturing facility in Bellevue, Colorado, with around 240 team members transitioning to Lakeview Farms.
Campbell’s is a 150-year-old brand with a portfolio of iconic names, including Campbell’s, Cape Cod, Goldfish, Kettle Brand, Lance, Late July, Milano, Michael Angelo’s, noosa, Pace, Pacific Foods, Pepperidge Farm, Prego, Rao’s, Snyder’s of Hanover, Swanson, and V8.
In March 2024, Campbell acquired Noosa as part of Savos Brands, Inc., intending to evaluate alternative strategic options for the brand since Campbell lacked interest in the yogurt category.
Noosa has generated net sales exceeding $177 million for the 12 months ending in October 2024. Therefore, the acquisition by Lakeview is not expected to impact Campbell’s financial results for 2025. However, this acquisition will dilute Campbell’s earnings per share by approximately $0.01 in 2025.
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.
Mick Beekhuizen, Executive Vice President and President, Campbell’s Meals & Beverages said
Lakeview Farms, based in Ohio, has a growing portfolio of fresh food brands. This acquisition significantly enhances its refrigerated portfolio and expands its presence in the $8 billion yogurt category, unlocking new growth opportunities in the U.S. market.
The U.S. yogurt market has consistently grown since 2017, with sales revenue exceeding eight billion dollars in 2023. Despite rising prices, American yogurt consumption has increased significantly, with average annual consumption rising by over nine percent from 2000 to 2023. This trend reflects a strong and growing demand for yogurt among consumers.
We are excited to welcome the noosa yoghurt brand and team to the Lakeview Farms family, 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. We look forward to noosa joining us as we continue building our business through commitment to innovation, quality products, and world-class manufacturing and distribution.
said Tom Davis, Lakeview Farms CEO.
Campbell’s confidently engaged Goldman Sachs as its financial advisor and Davis Polk & Wardwell LLP as its legal advisor for the deal. Lakeview Farms partnered with Citi, Truist, and TD Securities as joint lead arrangers for the financing. Citi took the lead as the financial advisor for Lakeview Farms in this transaction, while Truist and TD Securities also provided crucial support to the company.
The exact value of the deal was not disclosed to the public.
The acquisition will be subject to standard closing conditions and regulatory approval, expected in the first quarter of 2025.
SOURCE Lakeview Farms & The Campbell Soup Company
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