U.K.-based private equity firm CVC Capital Partners has made a firm offer to purchase the business
CAMDEN, N.J.—Campbell Soup Co. has announced it is in “final and exclusive negotiations for the potential sale of its business in Europe” to CVC Capital Partners (CVC), a private equity firm.
CVC has made a firm offer to purchase the business, 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, one in each of Puurs, Belgium; Le Pontet, France; Lubeck, Germany; and Karpalund, Sweden, respectively.
The export of Pepperidge Farm products throughout Europe or Campbell’s products in the United Kingdom or the Middle East or Africa are not part of the deal, nor is 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 proposed transaction 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.