Campbell Soup Co. inked an agreement to sell the Noosa yogurt business to Lakeview Farms LLC, a manufacturer of fresh dips, desserts and specialty products. Terms of the transaction were not disclosed. Closing is expected in the first quarter of calendar year 2025.
Campbell’s purchased Noosa as part of its acquisition of Sovos Brands Inc. in March 2024. At that time, Campbell’s shared its intention to evaluate strategic alternatives for the brand because the yogurt category is not core to Campbell’s strategy.
The Noosa business generated net sales of $177 million for the last 12 months ending October 2024. Campbell’s does not expect the divestiture to have a material impact on its fiscal 2025 financial results. However, the transaction is expected to dilute earnings per share by approximately $0.01 in fiscal 2025.
Mick Beekhuizen, executive vice president and president, Campbell’s Meals & Beverages said in a company release, “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.”
