Catterton Partners said Thursday that it has agreed to sell Plum Organics to Campbell Soup Co. Financial terms weren’t announced. Emeryville, Calif.-based Plum Organics provides organic baby foods.
GREENWICH, Conn., May 23, 2013 /PRNewswire/ — Catterton Partners, the leading consumer-focused private equity firm, 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 partnering with Plum Organics in 2010, Catterton Partners has worked with the company’s management team to aggressively grow the Plum brand into a leading organic kid’s nutrition company. 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 Catterton, Plum significantly grew its distribution channels, broadened its product assortment and expanded the brand to include offerings for toddlers and kids. In 2012, Plum Organics was the second fastest-growing food business in the U.S.
“We are proud of the profitable growth and expansion that Plum has achieved working with Catterton,” said Plum Organics CEO Neil Grimmer . “Catterton was instrumental in helping Plum expand marketing and distribution, refine operating capabilities, and recruit key talent to the team. 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.”
Jon Owsley, Partner at Catterton Partners, said, “With their commitment to wholesome ingredients, a focus on flavors that children love and a modern approach to family nutrition, the Plum Organics team has established a leadership position in their category. We are pleased to have partnered with the management team to help drive the company’s success. This transaction represents a terrific outcome for Plum Organics, Catterton and Campbell, and we are confident that Plum Organics will thrive for years to come under new ownership.”
Plum Organics was the 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(R) 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(TM). 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 Catterton Partners
Catterton Partners is the leading consumer-focused private equity firm in North America, with more than $3.3 billion currently under management and a twenty-four year track record of success in building high growth companies. Since its founding in 1989, Catterton has leveraged its category insight, strategic and operating skills, and network of industry contacts to establish one of the strongest private equity investment track records in the middle market. Catterton Partners invests in all major consumer segments, including Food and Beverage, Retail and Restaurants, Consumer Products and Services, Consumer Health, and Media and Marketing Services. Catterton’s investments include: Restoration Hardware, Outback Steakhouse, Sweet Leaf Tea, Noodles & Company, Frederic Fekkai , Build-A-Bear Workshop, Wellness and Nature’s Variety pet food, Kettle Foods, Odwalla and P.F. Chang ‘s, to name a few. More information about Catterton Partners can be found at http://www.cpequity.com.