CAMDEN, N.J.--(BUSINESS WIRE)--Mar 26, 2018--Campbell Soup Company announced it has completed the acquisition of Snyder’s-Lance, Inc. for $50 per share in an all-cash transaction, which represents an enterprise value of approximately $6.1 billion.
"Snyder's-Lance represents a strategic and transformative acquisition for Campbell, creating a $10-billion company with nearly half of our annual net sales in the faster-growing snacks category," said Denise Morrison, Campbell’s President and Chief Executive Officer. "The combination of Campbell and Snyder's-Lance creates a unique, diversified snacking portfolio of differentiated brands and a large variety of better-for-you snacks for consumers. I am excited about the combination and confident that it will create significant shareholder value through both revenue growth and cost synergies."
Snyder’s-Lance Integration with Pepperidge Farm to Form Campbell Snacks
To unlock the power of the combined brand portfolio, and achieve both cost and potential revenue opportunities, Campbell is integrating the Pepperidge Farm and Snyder’s-Lance portfolios to create a unified snacking organization in the U.S. called Campbell Snacks. The unit will be led by Carlos Abrams-Rivera, former President, U.S. Biscuits and Snacks, who will report to Luca Mignini, President, Global Biscuits and Snacks.
“We carefully selected leaders from Campbell and Snyder's-Lance to form the Campbell Snacks leadership team based on their expertise and understanding of how to leverage both businesses to support overall growth and profitability across the enterprise,” said Abrams-Rivera. “The Campbell Snacks team will focus on optimizing the value of our U.S. snacks business to deepen our partnership with customers through the power of the combined portfolio.”
The New Campbell
According to Campbell, its diversified snacking portfolio enables the company to offer real food options to millions of families who enjoy a wide range of eating occasions throughout each day. The Campbell Snacks portfolio will feature Pepperidge Farm’s iconic brands, including Goldfish and Milano, along with Snyder’s-Lance’s well-known brands, such as Snyder’s of Hanover, Lance, Kettle Brand, KETTLE chips, Cape Cod, Snack Factory Pretzel Crisps, Emerald and Late July.
Campbell's global baked snacks product portfolio, including its Pepperidge Farm, Arnott’s and Kelsen businesses, generated approximately $2.5 billion in net sales in fiscal year 2017. With the addition of Snyder’s-Lance, snacking will now represent approximately 47 percent of Campbell’s annual net sales (previously 32 percent). Campbell’s soup portfolio will represent approximately 26 percent of the company’s annual net sales.
