Listen to this articleThe Campbell’s Co. completed the sale of its Noosa yogurt business to Lakeview Farms LLC, an Ohio-based manufacturer of dips, desserts and specialty products.
In a Feb. 24 press release announcing the deal’s close, the Camden-headquartered soup and snacks giant did not disclose financial terms.
Noosa joined Campbell’s lineup after the $2.7 billion purchase of Sovo Brands Inc. in March 2024. As part of the acquisition, the company also took control of Rao’s Homemade Italian food brand and Michael Angelo’s frozen entrees.
Since the refrigerated yogurt category is not core to Campbell’s strategy, the company said it evaluated strategic alternatives for the brand. According to the company, Noosa generated net sales of $177 million for the last 12 months ending October 2024.
The divestiture comes as Campbell’s hopes to turn Rao’s into a $1 billion unit. While Campbell’s regards the premium sauce as the “biggest and most business-critical” part of the brand, it also wants to showcase some of Rao’s lesser-known products, like pasta, pizza and frozen entrées.
When the planned sale to Lakeview Farms was announced last fall, Campbell’s President and CEO Mick Beekhuizen described Noosa as a “well-run business support[ed] by a great team” and said he was “pleased that its new home will be with a buyer with a strategic focus on the refrigerated category.”
He also said the move will “drive greater focus on our portfolio of leadership brands.”
Campbell’s has also said it doesn’t expect the sale to have a “material impact to its fiscal 2025 financial results” and anticipates the divestiture to be dilutive to earnings per share by approximately $0.01 in the current fiscal year.
‘A huge opportunity’
Following the acquisition, Lakeview Farms and Noosa will combine and will rebrand as Novus Foods later this year.
According to Lakeview Farms, the transaction includes all Noosa trademarks and the brand’s manufacturing facility in Colorado. Approximately 240 current Noosa employees will transition to Lakeview Farms with the business, the company said.
Lakeview Farms CEO Tom Davis commented, “We are thrilled to join the Noosa yoghurt business with Lakeview Farms as we create Novus Foods. This represents a huge opportunity for both businesses to leverage their strengths and innovate within the growing yogurt category and beyond. Novus Foods will embody the companies’ combined expertise and passion for delivering high-quality, innovative fresh foods to consumers.”
Noosa Senior Vice President and General Manager Paula Benedetto stated, “We are excited to join Lakeview Farms, a company that shares our deep commitment to quality and a passion for the refrigerated snacking space. Together as Novus Foods, we have a stronger platform to continue growing and delivering exceptional products to our customers and consumers.”
