Campbell to Sell Fresh Start

Campbell Soup Company (Camden, NJ) has reached an agreement to sell Fresh Start Bakeries, Inc., a global provider of bakery products to the foodservice channel. Last year, Campbell announced it planned to divest Fresh Start Bakeries as part of its portfolio reconfiguration.

Fourteen of Fresh Start's 15 bakeries will be purchased by a joint venture between Berkshire Partners and Fresh Start's management. Best Harvest LLC, a company led by Robert Beavers, Jr., recently retired senior VP and director of McDonald's Corp., will form a joint venture with the new Fresh Start organization to acquire the Fresh Start bakery in Kansas City, KS. Fresh Start is a major supplier to McDonald's. Terms of the transaction, which is expected to be completed by the end of June 1999, were not disclosed.

This agreement completes the portfolio reconfiguration begun in 1996 as part of Campbell's strategic growth plan. This reconfiguration allows the company to focus on its strategic businesses with the highest growth potential—soup, sauces and beverages, biscuits and confectionery, and away-from-home. Since September 1996, Campbell's has divested six non-strategic businesses and completed the spin-off of its frozen food and condiment business.