Campbell Soup has announced that it sold its Pop Secret popcorn brand to Our Home, an independent food company based in New Jersey. The exact amount of the sale was not disclosed, but Pop Secret generated approximately $120 million in net sales in fiscal 2024.
Chris Foley, president of Campbell’s Snacks, stated, “This marks another step in our journey to strategically focus our Snacks portfolio. The sale of Pop Secret will drive greater focus and accelerated growth across our Snacks division and portfolio of leading brands.”
Similar to other food companies, Campbell Soup has been reshaping its portfolio to prioritize growth in categories like snacking and premium items. In recent years, the company closed a $2.7 billion deal to acquire Sovos Brands, the parent company of Rao’s pasta sauce, and sold its Emerald nuts business to Flagstone Foods.
Both Emerald and Pop Secret were acquired by Campbell Soup as part of its purchase of Snyder’s-Lance in 2018. Aaron Greenwald, founder and CEO of Our Home, expressed excitement about the acquisition, stating that Pop Secret’s widespread consumption and recognition, combined with their manufacturing capabilities, will drive growth and innovation in the market.
As part of the Sovos Brands acquisition, Campbell Soup also added Noosa yogurt to its portfolio. The company plans to evaluate strategic alternatives for the dairy brand as it continues to focus on expanding its presence in the snacking and premium food categories.
Sources: Yahoo Finance