Campbell Soup Co., Camden, New Jersey, sold its Emerald Nuts business to Flagstone Foods, a Greenwich, Connecticut-based manufacturer and distributor of private label snack nuts and trail mixes. With an almost 20-year history, Emerald is known for items such as grab-and-go 100-calorie packs and assorted glazed nut products.
“Adding Emerald Nuts to our portfolio establishes a new avenue for Flagstone to service our customers with innovative snack products and unites two industry leaders with a shared commitment to the highest levels of product quality and innovation,” said Harry Overly, CEO of Flagstone Foods.
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. Atlas Holdings acquired the company in 2019 and in late 2022 hired CEO Harry Overly to accelerate its growth as a snacking solutions provider.
“Our Flagstone team is excited to welcome Emerald as a transformative acquisition to our portfolio, and we’re looking forward to continuing to drive growth for both Flagstone and our retail partners,” said Overly.
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 company does not expect the divestiture to have a material impact to its fiscal 2023 financial results.
“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,” said Chris Foley, executive vice president and president of Campbell Snacks.
Campbell’s portfolio includes brands such as Campbell’s, Cape Cod, Goldfish, Kettle Brand, Lance, Late July, Milano, Pace, Pacific Foods, Pepperidge Farm, Prego, Snyder’s of Hanover, Swanson and V8.
Flagstone Foods is a manufacturer of snack nuts, culinary nuts, trail mixes and other nut-based snacks servicing club, mass, grocery, drug, limited assortment and convenience channels. The company is a private label manufacturer and produces nut products under the Emerald Nuts brand since 2004. The company also manufactures ingredients for commercial use, provides contract manufacturing services to branded food companies and offers a wide array of value-added services including consumer insights, global sourcing and commodity advising and product development.
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