Catterton Partners has entered into an agreement to sell Plum Organics, an organic kid’s nutrition company, to Campbell Soup Company.
Plum Organics is a provider of premium, organic baby food, toddler and kid snack food products. The company was a pioneer in pouch-based packaging for baby food. Plum Organics was founded in 2007 and had revenues last year of approximately $81 million. Plum Organics is based in Emeryville, CA (www.plumorganics.com).
Since first investing in Plum Organics in 2010, Catterton Partners worked with the company’s management team to grow its distribution channels, broaden its product assortment and expand the brand to include offerings for toddlers and kids. In 2012, Plum Organics was the second fastest-growing food business in the US.
“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.”
Catterton Partners focuses exclusively on the consumer industry and invests in all major segments including food and beverage; retail and restaurants; consumer products and services; and media and marketing services. Catterton was founded in 1989 and has more than $3.3 billion in capital under management. The firm is located in Greenwich, CT (www.cpequity.com).
“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,” said Jon Owsley, Partner at Catterton Partners. “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.”
© 2013 PEPD • Private Equity’s Leading News Magazine • 5-28-13
