CSM Divests Bakery Supplies Businesses to Rhône Capital

 Breaking News

CSM Divests Bakery Supplies Businesses to Rhône Capital

CSM Divests Bakery Supplies Businesses to Rhône Capital
March 26
14:45 2013
Spread the love

CSM has agreed to sell its Bakery Supplies businesses to Rhône Capital for an enterprise value of Eur1.05 billion. The divestment is an important part of CSM’s strategy to transform into a bio-based ingredients company.

The businesses being divested comprise the European Bakery Supplies and North American Bakery Supplies operations (excluding Caravan Ingredients), as well as the international Bakery Supplies activities. Rhône Capital will also acquire the CSM brand name. In 2012 these businesses had aggregate sales of Eur2.56 billion and aggregate EBITA excluding one-off costs of Eur106.8 million. Total staff comprised 8,220 employees (FTE) at end of 2012.

The net cash proceeds from the divestment are estimated to be approximately Eur850 million. The difference between enterprise value and net cash proceeds, for the largest part, relates to liabilities such as pensions being transferred with the business.

The transaction, which is expected to be completed in the third quarter, is a significant step on CSM’s path to transform into a bio-based ingredients company, which the company announced in May 2012.

Established in 1996, Rhône Capital is a global private equity firm with more than Eur3 billion under management and a focus on market leading businesses with a pan-European or transatlantic presence and expansion prospects. Rhône has offices in London and New York and currently holds investments in a diversified portfolio of companies, including the consumer, chemical, energy, industrial, materials, mining, and shipping industries.

Warning: count(): Parameter must be an array or an object that implements Countable in /home/fdbusiness/public_html/wp-content/themes/legatus-theme/includes/single/post-tags.php on line 5

About Author



Related Articles

Food & Drink Business Conference & Exhibition 2016

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

    Subscribe Here