Campbell Soup Company to Sell European Business
US-based Campbell Soup Company is in final and exclusive negotiations for the potential sale of its business in Europe to private equity firm CVC Capital Partners. CVC has made a firm offer to purchase the business incorporating Campbell’s national brands of soups, sauces and simple meals, including Liebig and Royco in France, Erasco in Germany, Bla Band in Sweden and Devos Lemmens and Royco in Belgium. The proposal also includes the sale of four plants in Puurs, Belgium; Le Pontet, France; Lubeck, Germany; and Karpalund, Sweden.
The proposed transaction does not include the export of Pepperidge Farm products throughout Europe or Campbell’s products in the United Kingdom or the Middle East orAfrica. It also does not include Kelsen Group, which will continue its operations in Denmark and the export of its products to countries inEuropeand throughout the world.
Campbell Europe is headquartered in Puurs, Belgium and employs around 1,300 people. In fiscal 2012, the business generated annual net sales of approximately $530 million.
Steven Buyse, senior managing director of CVC Capital Partners, says: “Campbell Europe is a strong business with iconic brands, experienced management and dedicated employees. CVC is committed to successfully growing the business further and to supporting its leading brand portfolio.”
The transaction is subject to the information and consultation of employee representatives and to the clearance by the relevant European competition law authorities. Campbell anticipates that the proposed sale would be completed in the first quarter of its fiscal 2014.
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Denise Morrison, president and chief executive of Campbell Soup Company.
