Campbell explores Pop Secret sale

Campbell Soup Company [NYSE:CPB] is exploring the sale of its Pop Secret microwave popcorn business, three sources familiar with the situation said.

The Camden, New Jersey-based convenience food maker is working with Bank of America on the sale process, two of the sources said.

Campbell acquired Pop Secret as part of its purchase of Snyder’s-Lance in 2017, in a deal that valued the Charlotte-based food company at USD 6.1bn, including debt. Snyder’s-Lance’s brands, which also include Snyder’s of Hanover pretzels and Cape Cod chips, became part of Campbell’s global biscuits and snack division, according to a deal announcement at that time.

Pop Secret has EBITDA of around…