Campbell's sells bread to Jimmy's Cookies
The biscuit maker will acquire the Ecce Panis brand
After the Kelsen biscuits, sold to Ferrero (see EFA News article of 12-07-19 ) and the sale of the Australian snack business unit Arnott (see EFA News article of 02-08-19), Campbell Soup Company has signed an agreement with New Jersey-based cookie maker Jimmy's Cookies. The latter has announced that it will acquire the Ecce Panis artisan bread brand from Campbell's. The transaction, which is expected to close later this month, will include the New Jersey-based bakery operations.
Ecce Panis was managed by Campbell, who acquired the brand in 2009 as part of Pepperidge Farm's bakery business. Jimmy's Cookies plans to continue producing the brand's full range of products, which includes artisanal stone-baked bread and rolls, at Ecce Panis' 113,000-square-foot baking facility. The incorporation of the new industry will also provide Jimmy's with extra capacity to produce gourmet biscuits.
Commenting on the acquisition, Jimmy's CEO Howard Hirsch said, “The addition of the Ecce Panis brand is consistent with our strategy of driving growth through the expansion and diversification of our product line. Fast growing segment of the baked goods category and will complement our biscuit production by providing customers with a full range of high quality baked goods from a trusted partner". Jimmy's President Michael Pisani added, "We are thrilled with this acquisition, we will double our manufacturing capacity and retain many quality jobs in New Jersey".
Financial terms of the transaction were not disclosed. The transaction is part of Campbell's corporate strategy to reduce debt. Two years ago the company announced its plan to divest the Campbell Fresh and Campbell International businesses and review its product portfolio in order to strengthen its balance sheet and reduce debt.
EFA News - European Food Agency