US-based investment firm Joshua Green has announced the acquisition of Harris Soup through its food-focused subsidiary, JGC Foods, for an undisclosed amount.
Harris Soup, doing business as Harry's Fresh Foods, offers premium refrigerated soups, entrées, sides and desserts packaged in retail-ready, grab-and-go containers. Its products are found at wholesale club stores, grocers, and many other outlets.
Based in Portland, Oregon, the company is a leading producer of chef-inspired products.
Joshua Green president and CEO Stan McCammon said, "The purchase of Harry's Fresh Foods is indicative of the company's desire to acquire long-term investment opportunities in stable industries with excellent growth potential."
This acquisition expands Joshua Green's holdings within the food industry, which also includes Cuizina Food, a leading manufacturer of bulk frozen soups and sauces. Cuizina specializes in bulk packaging, primarily selling to club stores, foodservice and private label customers.
With the acquisition of Harry's, Cuizina gains instant access to a wider spectrum of customer channels, specifically direct consumer access, according to Joshua Green.
JGC Foods and Cuizina CEO Jamie Colbourne said that Cuizina and Harry's have very complementary operations enabling JGC Foods to become a single source provider to customers as it relates to fresh or frozen foods.
"We feel very bullish about the prepared food market and look forward to continuing our expansion in this sector," he added.
Tony Muscato, CEO of Harry's, is retiring from his position. The combined operations will employ more than 450 people. Joshua Green noted that no layoffs are anticipated by either company resulting from this transaction.