The Campbell's Company
Acquisitions
8
Major Deals Covered
$12.5B
Disclosed Deal Value
Campbell's's largest disclosed acquisition here is Snyder's-Lance, Inc. for $6.1B in 2018. This page covers 8 major deals from 1955 to 2026, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Snyder's-Lance, Inc. | 2018 | $6.1B | Add a salty snacks portfolio to Pepperidge Farm and Goldfish and build a snacks division with its own direct-store-delivery network. |
| Sovos Brands (Rao's Homemade) | 2024 | $2.7B | Buy Rao's, a fast-growing premium pasta sauce brand, along with Michael Angelo's frozen entrees and noosa yogurt. |
| La Regina di San Marzano and La Regina Atlantica (49% stake) | 2026 | $286.0M | Secure the supplier that has made Rao's sauces since 1993 and produces all Rao's tomato-based sauces, from Scafati, Italy and Alma, Georgia. |
| Pacific Foods of Oregon | 2017 | $700.0M | Add an organic broth, soup and plant-based beverage brand. |
| Bolthouse Farms | 2012 | $1.6B | Enter fresh carrots, juices and refrigerated dressings as the anchor of a new Campbell Fresh division. |
| Pace Foods | 1995 | $1.1B | Add the leading picante sauce and salsa brand. |
| Pepperidge Farm | 1961 | Undisclosed | Add Margaret Rudkin's premium bakery business, founded in 1937. |
| C.A. Swanson & Sons | 1955 | Undisclosed | Add the Swanson broth and frozen dinner brands. |
2026
$286M
Secure the supplier that has made Rao's sauces since 1993 and produces all Rao's tomato-based sauces, from Scafati, Italy and Alma, Georgia.
Paid in two tranches, $146 million at closing and $140 million a year later; La Regina is consolidated in Campbell's results.
Completed May 4, 2026, with options to acquire the remaining 51%.
2024
$2.7B
Buy Rao's, a fast-growing premium pasta sauce brand, along with Michael Angelo's frozen entrees and noosa yogurt.
Completed on March 12, 2024 and helped lift fiscal 2025 net sales to $10.253 billion.
noosa was sold in February 2025; Rao's passed $1 billion in trailing 12-month net sales in 2026.
2018
$6.1B
Add a salty snacks portfolio to Pepperidge Farm and Goldfish and build a snacks division with its own direct-store-delivery network.
Brought Snyder's of Hanover, Lance, Cape Cod, Kettle Brand, Late July, Snack Factory and Pop Secret, and much of the debt that shaped the next decade.
Pop Secret was sold in 2024; in fiscal 2026 salty snacks led the Snacks decline, the Cape Cod and Kettle Brand trademarks were impaired by $117 million and the Hyannis chip plant closed.
2017
$700M
Add an organic broth, soup and plant-based beverage brand.
Pacific Foods became one of Campbell's 16 leadership brands within Meals & Beverages.
Still part of the Meals & Beverages division.
2012
$1.6B
Enter fresh carrots, juices and refrigerated dressings as the anchor of a new Campbell Fresh division.
Campbell Fresh struggled with operating problems and weak results that contributed to CEO Denise Morrison's 2018 exit.
Sold in 2019 for $510 million.
1995
$1.1B
Add the leading picante sauce and salsa brand.
Pace became a Meals & Beverages staple alongside Prego.
Still owned; one of the 16 leadership brands.
1961
Add Margaret Rudkin's premium bakery business, founded in 1937.
Brought the bakery that launched Goldfish in the U.S. in 1962.
Pepperidge Farm and Goldfish are each billion-dollar brands today.
1955
Add the Swanson broth and frozen dinner brands.
Swanson became Campbell's broth brand; the frozen dinner business was later sold.
Swanson broth and canned poultry remain in Meals & Beverages.
Growth now rests on a short list of brands. Rao's, bought with Sovos Brands for $2.7 billion in March 2024, passed $1 billion in trailing net sales in 2026, and Campbell's secured its supply by buying 49% of sauce maker La Regina for $286 million, with options on the remaining 51%. In Snacks, Mohit Anand, president since February 2026, is focused on sharper value, new products and better in-store execution for Goldfish, Pepperidge Farm and the salty brands. The company is also simplifying: it sold Pop Secret in August 2024 and noosa yogurt in February 2025, closed the Hyannis chip plant in 2026, and moves frozen bakery from Snacks into Meals & Beverages from fiscal 2027.
Campbell's makes branded food, mostly in its own plants, and sells it to grocery chains, mass merchants, club stores, convenience and dollar stores, e-commerce retailers and foodservice operators in the U.S. and Canada. Revenue comes from two divisions. Meals & Beverages ($5.93 billion in fiscal 2026) covers condensed and ready-to-serve soup, Swanson and Pacific Foods broth, Prego and Rao's sauces, Pace, SpaghettiOs and V8, and ships mainly through retailer warehouses. Snacks ($3.82 billion) covers Pepperidge Farm cookies, crackers and bread, Goldfish, Snyder's of Hanover, Lance, Cape Cod, Kettle Brand, Late July and Snack Factory, much of it delivered to stores by independent direct-store-delivery distributors. Profit depends on pricing, trade promotion and supply chain productivity: in fiscal 2026 net price added 1 point to sales while volume and mix took away 3.
Snyder's-Lance, bought for $6.1 billion in March 2018. It added Snyder's of Hanover, Lance, Cape Cod, Kettle Brand, Late July, Snack Factory and Pop Secret.
Campbell's completed its $2.7 billion acquisition of Sovos Brands, owner of Rao's, Michael Angelo's and noosa, on March 12, 2024. Rao's passed $1 billion in trailing net sales in 2026.
La Regina, based in Scafati, Italy, makes all Rao's tomato-based sauces. Campbell's paid $286 million for 49% in a deal that closed on May 4, 2026, with options on the remaining 51%.
Arnott's and other international operations to KKR for $2.2 billion and Kelsen to Ferrero in 2019, Bolthouse Farms for $510 million in 2019, Pop Secret in August 2024 and noosa yogurt in February 2025.
In 1961. Founder Margaret Rudkin joined the Campbell's board, and Pepperidge Farm launched Goldfish crackers in the U.S. the following year.
It bought Pace Foods for $1.115 billion in 1995 and Pacific Foods of Oregon for $700 million in 2017.
No. Campbell's paid $1.55 billion in 2012 and sold it in 2019 for $510 million after the Campbell Fresh division underperformed.
To heavily diversify away from just soup, Campbell executed a massive $6 billion acquisition of Snyder's-Lance (pretzels and chips) in 2018, and recently acquired Sovos Brands to own the highly lucrative Rao's Homemade pasta sauce line.
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