01.10.2013 14:43:31
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Campbell Soup To Sell European Simple Meals Business To CVC Capital Partners
(RTTNews) - Campbell Soup Co. (CPB) reported signing a definitive deal for the sale of its European simple meals business to CVC Capital Partners, a global private equity firm. The transaction is expected to close in the fourth quarter of calendar 2013.
Pursuant to this, CVC would buy Campbell's national brands of soups, sauces and simple meals, such as Liebig and Royco in France, Erasco in Germany, Blå Band in Swedenand Devos Lemmens and Royco in Belgium, for 400 million euros. Also, the transaction includes four plants in Puurs, Belgium; Le Pontet, France; Lubeck, Germany; and Karpalund, Sweden. Campbell would make use of the sale proceeds to pay down debt and for other general corporate purposes.
This deal excludes Campbell's recently-acquired Kelsen Group, which would continue its Denmark operations and the export of its products to countries in Europe and worldwide. Campbell would continue to export Pepperidge Farm products across Europe and Campbell's products in the UK and the Middle East and Africa.
During fiscal 2013, the Campbell businesses included in the proposed ransaction generated annual net sales of about $530 million.
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