Campbell to Sell European Business
Camden, N.J.-based Campbell Soup Company said it is in final and exclusive negotiations for the potential sale of its business in Europe to CVC Capital Partners (CVC), a leading global private equity firm.
CVC has made a firm offer to purchase the business, the transaction of which includes Campbell’s national brands of soups, sauces and simple meals, including Liebig and Royco in France, Erasco in Germany, Blå 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 or Africa. It also does not include Kelsen Group, which will continue its operations in Denmark and the export of its products to countries in Europe and throughout the world.
In fiscal 2012, the Campbell businesses included in the proposal generated annual net sales of approximately $530 million. Campbell anticipates that the proposed sale would be completed in the first quarter of its fiscal 2014.