Campbell paid $1.55 billion for the brand in 2012 when it was trying to get into fresh foods, a faster growing grocery area. However, Campbell ran into supply chain issues related to the “more complex world of handing fresh food,” WSJ reported.
As a response to the company’s strategic review concluded last August, Campbell is now focusing on its core soup business and snacks.
Dunn, working with Los Angeles-based private equity firm Butterfly Equity, is now in exclusive talks with Campbell to purchase the business, according to the report. However, the deal isn’t guaranteed because the board has not signed off on it.
Campbell does not comment on rumor or speculation, a representative told NJBIZ.