Campbell's Buys Plant-Based Milk Brand for $700 Million
The soup giant acquires almond, oat, and hemp milk company Pacific Foods to stay relevant in the middle aisles of the supermarket.
Last week, food corporation Campbell's Soup announced that it will acquire Pacific Foods—known for its shelf-stable, plant-based milk products—for $700 million. According to Greg Wank at business consulting firm Anchin, the deal is important to Campbell’s as it positions the brand to be more aligned with current food trends. “I think the bigger picture here is the continued trend toward organic and plant-based foods,” Wank told media outlet FoodNavigator-USA. “This acquisition is consistent with our purpose, ‘real food that matters for life’s moments,’” Campbell’s CEO Denise Morrison said. “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.” In the last year, a growing number of large food companies have acquired plant-based brands, including meat company Maple Leaf Foods, which bought meat alternatives company Lightlife Foods—which will remove all animal products by the end of 2017—for $140 million in February.
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More Flashbacks
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- 80-Year-Old Food Brand Goes Vegan
- Canada's Senate Passes Cruelty-Free Cosmetics Act
- Month-Long Vegan Festival Kicks Off in London
- Vegan Cheese Sales Spike by 45 Percent in 52 Weeks
- Sting Operation Seizes 43 Metric Tons of Wild-Animal Meat
- Vegan Just Egg Expands to Washington DC
- Cultured Koji Dog Food Has More Protein Than Steak
- Vegan Narwhal Ice Cream Debuts for Summer
- New Vegan Grocery Store Opens in North Carolina
- 800 Sets of Vegan Frosting Sell in 10 Minutes on QVC
- New Clean-Meat Startup Enters Race to End Fish Slaughter
- Tesco Sells 2.5 Million Vegan Meals in 20 Weeks
- Nevada Steakhouse Debuts Vegan Menu
- Aussie Pub Creates Vegan Filet-O-Fish
- Friday's "Felicia" Opens Vegan Version of Chipotle
- Meaty Vegan Shop Sister Seitan Opens in UK
