Campbell Soup sells Noosa Yogurt business to Lakeview Farms

CANADA – Campbell Soup Co. has agreed to sell its Noosa yogurt brand to Lakeview Farms, LLC, a subsidiary of private-equity firm CapVest Partners LLP.

The sale includes all Noosa trademarks and its manufacturing facility in Bellevue, Colorado, along with approximately 240 employees who will transition to Lakeview Farms. Financial terms of the transaction, which is expected to close in early 2025, were not disclosed.

Noosa, known for its Australian-style whole milk yogurt, was acquired by Campbell earlier this year as part of its US$2.7 billion purchase of Sovos Brands.

However, Campbell had previously stated that the yogurt category did not align with its core strategic focus.

“Noosa is a well-run business supported by a great team,” said Mick Beekhuizen, president of Campbell’s Meals and Beverages unit. “This sale will drive greater focus on our portfolio of leadership brands.”

For Lakeview Farms, the acquisition represents a significant step into the high-growth U.S. yogurt market, which generated over US$8 billion in revenue in 2023, according to Statista.

“Noosa fits perfectly into our portfolio of premium refrigerated food brands,” said Lakeview CEO Tom Davis. “It also brings us a talented team and a state-of-the-art manufacturing facility, enhancing our scale and innovation capabilities.”

Founded in 2009 and named after a town in Queensland, Australia, Noosa has expanded its offerings beyond yogurt to include cheesecake bites and frozen yogurt gelato. The brand achieved net sales of US$117 million in the 12 months ending October 2024.

The divestiture comes as Campbell Soup Co. undergoes a further transformation. In September, the company announced new long-term financial targets, including organic growth of 2-3% and adjusted EPS growth of 7-9%.

Additionally, Campbell plans to rebrand as “The Campbell’s Company,” dropping “Soup” from its name to reflect a diversified portfolio that includes iconic brands like Cape Cod and Goldfish.

Campbell, which reported a 1% decline in organic sales to US$9.6 billion for the fiscal year ending July 28, aims to sharpen its focus on core categories such as snacks and prepared meals.

Despite this decline, adjusted earnings before interest and taxes (EBIT) rose 6% to US$1.5 billion, with adjusted EPS increasing 3% to US$3.08.

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