Soup Giant Campbells Enters Plant-Milk Market With $700 Million Purchase Of Pacific Foods

The company has followed others who have diversified their portfolios to take slice of vegan sector
Yet another giant brand has invested in plant-based food (Photo: Dave Nakayama)

Campbells - best known for its range of soups - has invested a staggering $700 million to acquire Oregon-based Pacific Foods - a brand known for its almond, hemp and oat milks.

The purchase was apparently made to keep the brand up to date with food trends - the brand's fifth purchase in as many years, as it strives to diversify its portfolio.

Greg Wank, from business consulting firm Anchin, said: "I think the bigger picture here is the continued trend toward organic and plant-based foods. This acquisition is consistent with our purpose, ‘real food that matters for life’s moments'."

Loyal

Campbell’s president and chief executive Denise Morrison added: "Pacific is an authentic brand with a loyal consumer following. The acquisition allows us to expand into faster-growing spaces such as organic and functional food. 

"Moreover, Pacific Foods is an excellent fit with Campbell — strategically, culturally and philosophically. It advances our strategic imperatives around real food, transparency, sustainability and health and well-being."

Pacific personnel

According to the companies, Chief Executive and Co-founder of Pacific Foods Chuck Eggert, will stay on 'as a supplier of key ingredients through his family farms'.

Pacific - which is based in Oregon - will be folded into New Jersey-based Campbell's simple meals and beverages division once the acquisition is complete, subject to regulatory approvals and other closing conditions, according to the companies.

READ MORE:

Global Plant Milk Market Set To Top A Staggering $16 Billion In 2018

Plant-Based Milk Sales Skyrocket

'Plant-Based Milk' Packaging Is Misleading Consumers', Says US Gov

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