Third Point Management Activist Presentation Deck
SIMPLE MEALS & BEVERAGES
Grocery business has its own distinct outlook and set of opportunities
Leading brands across soup, broth,
sauce, salsa, and shelf-stable juice
Campbell's
Bolthouse
FARMS
Pace®
Pacific
V8 Clum
organics
THIRD POINT
Source: Third Point LLC; Company Materials; Google Images
R
SWANSON
Prego
I
Compelling investment case
Over $5 billion in sales with attractive free cash flow
dynamics
Near-term potential to return soup to growth (given
category still growing) and improve Fresh margins
under focused management team
O
Soup category dynamics could be similar to frozen
category, which has seen accelerating sales growth on
the back of new innovation
Long-term potential to combine with another US
food and beverage company
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