WALNUT CREEK, Calif. — Del Monte Foods Inc. on Wednesday announced that it completed the acquisition of Kitchen Basics, a line of ready-to-use stocks and broths from McCormick & Company.
Kitchen Basics will join Del Monte's brand portfolio as the company expands its national retail presence in the category.
Kitchen Basics has an extensive portfolio of conventional and organic stocks and broths, including Chicken, Unsalted Chicken, Beef, Unsalted Beef, Vegetable, Unsalted Vegetable, Turkey, Seafood, and Creamy Bean & Vegetable.
The Kitchen Basics brand was founded in 1996 as the pioneer in liquid stock and remains an industry leader in the U.S. today. The purchase of the brand supports the company's overall growth strategy, as Del Monte Foods focuses on innovation, renovation and customization of its iconic brand portfolio, and expands the geographic reach of its stocks and broths business. No employees were involved in this transaction, and specific terms were not disclosed.
"Del Monte Foods has gone through a positive transformation over the past five years, and we have become a leading innovative CPG growth company," said Greg Longstreet, president and CEO of Del Monte Foods. "As we plan for the next decade of growth, we're committed to strengthening our branded product portfolio to meet consumers' changing needs. Building on our regional College Inn brand, the acquisition of Kitchen Basics will provide synergies across our business to scale our broth and stock portfolio across North America."
"We've seen heightened interest in broth and stocks over the last few years as consumers double down on home meal preparation, health and wellness," said Bibie Wu, chief marketing officer of Del Monte Foods. "Kitchen Basics is well-known for its culinary quality. We're excited to bring Kitchen Basics into the Del Monte family of brands to help people create healthful meals they love."