Campbell Soup Company on Tuesday said it sold its Emerald nuts business to Flagstone Foods, one of the largest manufacturers and distributors of private label healthy snacks in North America.
Terms of the transaction were not disclosed.
Camden-based Campbell acquired the Emerald nuts business as part of the 2018 Snyder’s-Lance, Inc. acquisition. The Emerald business generated net sales of $66 million in fiscal 2022 and $46 million for the nine-month period ended April 30, 2023.
“The sale of the Emerald business is part of our ongoing strategic process to create even greater focus on driving accelerated growth across our Snacks division and power brands,” Chris Foley, executive vice president and president, Campbell Snacks said.
Flagstone operates three plants, located in Robersonville, North Carolina; El Paso, Texas; and Dothan, Alabama. Flagstone’s more than 800 team members source, process, package and distribute nuts, trail mixes, and other wholesome snacks to premier retail customers across the country.
Troutman Pepper Hamilton Sanders LLP and Barclays acted as exclusive advisors to Campbell on this transaction. Willkie Farr & Gallagher LLP served as legal advisor and Piper Sandler & Co. served as financial advisor to Flagstone.
