Catamount Ventures said Thursday that it agreed to sell Plum Organics to Campbell Soup Co. Financial terms weren’t announced. Earlier, Catterton Partners said it also agreed to sell its stake in Plum, a provider of organic baby food.
SAN FRANCISCO, CA–(Marketwired – May 23, 2013) – Catamount Ventures, the leading venture capital firm focused on healthy living, sustainability and education firms, today announced that it has entered into an agreement to sell Plum Organics, a leading premium, organic kids nutrition company, to Campbell Soup Company (“Campbell”). Terms of the transaction were not disclosed.
Since co-founding Plum Organics in 2007, Catamount Ventures has worked with the company’s management team to aggressively grow the Plum brand into a leading organic baby food brand. With its complete line of organic products, unique food and flavor combinations, and innovative offerings and packaging, Plum has helped to revolutionize the baby food industry. With Catamount, Plum grew from three founders and an idea to a full team, multinational distribution, and a broadened product assortment including offerings for toddlers and kids. In 2012, Plum Organics was the second fastest-growing food business in the U.S.
“Partnering with Catamount and Jed Smith from the outset of this tremendous firm has been instrumental to our success,” said Plum Organics CEO Neil Grimmer. “Catamount worked with us every step of the way from expanding our team, marketing and distribution, raising capital and guiding our significant strategic relationships. Along the way, we have stayed focused on our mission to give the very best food to our little ones. We have succeeded in driving growth in our category, and we look forward to continuing our momentum as part of Campbell.”
Jed Smith, Chairman of Plum Organics and Managing Partner at Catamount Ventures, said, “Six years ago we set out to help guide an innovative and modern approach to family nutrition. With this mission at our core, Plum is building a lasting brand that will be impactful for generations. Campbell is the perfect acquirer to reach new levels of success.”
Plum Organics is a pioneer in pouch-based packaging for baby food. After experiencing a three-year growth in sales of over 4,000%, Plum Organics placed number 63 in Inc. Magazine’s 2012 Inc. 500 list of the nation’s fastest-growing private companies. In addition, Plum Organics was featured on Forbes 2012 ranking of America’s Most Promising Companies — a list of one hundred privately held, high-growth companies with bright futures.
The transaction remains subject to applicable regulatory approval and satisfaction of other customary closing conditions.
About Plum Organics
Plum Organics® is a pioneer and global provider of premium, nutritious organic baby food, toddler and kid snack food products. Recognized for their unique, culinary-inspired recipes and a modern approach to family nutrition, Plum offers a complete line of organic products that ensure healthy eating from the highchair to the lunchbox™. Plum has dedicated its social mission to delivering nutrient rich, organic food into the hands of little ones in need across America. Forbes magazine named Plum #19 on its 2013 list of “America’s Most Promising Companies.” For more information about Plum please visit: http://www.plumorganics.com.
About Catamount Ventures
Catamount Ventures has created a new category of venture capital investing focused on healthy living, sustainability and educational technology firms. With $210 million under management we have a 14 year track record of backing world class entrepreneurs with outstanding visions going after major segments of our economy with disruptive solutions. The Catamount team brings decades of partner experience as entrepreneurs, CEOs and operators. Catamount investments include: Seventh Generation, Revolution Foods, Café Press, Linden Lab, Numi Tea, Quri and MasteryConnect. More Information about Catamount Ventures can be found at http://www.catamountventures.com