Campbell and Valeo Foods Sign Agreement for Intended Sale of Campbell’s European Chips Business
September 02 2019 - 8:30AM
Business Wire
Campbell Soup Company (NYSE:CPB) announced it has signed
an agreement for the intended sale of its European Chips Business
to Valeo Foods, a portfolio company of CapVest Partners LLP, for
approximately £66 million (approximately $80 million based on
current exchange rates). Campbell’s European Chips Business
includes UK-based Kettle Foods Limited and Netherlands-based Yellow
Chips B.V. The transaction is subject to customary closing
conditions including the relevant regulatory approvals and
consultation with employee representative bodies. Campbell will use
the proceeds from the divestiture to reduce debt.
Under the terms of the agreement, Campbell will retain the
Kettle Brand business in the United States and all other
geographies except for Europe and the Middle East. Campbell intends
to grow the Kettle Brand as an important part of its Snacks
portfolio, which also includes the Cape Cod, Emerald, Goldfish,
Lance, Late July, Milano, Pepperidge Farm, Snack Factory Pretzel
Crisps and Snyder’s of Hanover brands.
Based in Norwich, England, Kettle Foods Limited makes
hand-cooked crisps, popcorn, rice snacks and vegetable-based chips.
Its primary brands are KETTLE Chips and Metcalfe’s skinny popcorn.
The sale also includes Netherlands-based Yellow Chips, a producer
of high-quality vegetable and organic potato chips under private
label snacks and its own premium brands, including Go Pure.
The transaction is expected to close in the first quarter of
fiscal 2020. Campbell was advised by Barclays and Weil, Gotshal
& Manges LLP.
About Campbell Soup Company
Campbell (NYSE:CPB) is driven and inspired by our Purpose, "Real
food that matters for life's moments." For generations, people have
trusted Campbell to provide authentic, flavorful and affordable
snacks, soups and simple meals, and beverages. Founded in 1869,
Campbell has a heritage of giving back and acting as a good steward
of the planet's natural resources. The company is a member of the
Standard and Poor's 500 and the Dow Jones Sustainability Indexes.
For more information, visit www.campbellsoupcompany.com or follow
company news on Twitter via @CampbellSoupCo.
About Valeo Foods Group
With operations in Ireland, the UK and Continental Europe and
sales to approximately 90 countries, Valeo Foods is one of the
fastest growing international ambient foods producers and
distributors with annual sales of approximately €850 million,
before the currently proposed acquisition of Kettle Foods. Valeo
Foods owns a portfolio of popular consumer brands, many of them
iconic household names in their markets, including Barratt, Rowse
Honey, Fox’s Glacier Mints and XXX Mints, Jacob’s, Batchelors,
Odlums, Shamrock, Kelkin, Robert Roberts, Pedro and Balconi. In
total, Valeo Foods has 68 international brands.
The Group is a leader in sweet treats, health and wellness,
baking and meal ingredients, out-of-home beverages and foodservice
and has 21 locations across Ireland, the UK and Continental
Europe.
Forward-Looking Statements
This release contains “forward-looking statements” that reflect
Campbell’s current expectations about the impact of its future
plans and performance on Campbell’s business or financial results.
These forward-looking statements rely on a number of assumptions
and estimates that could be inaccurate and which are subject to
risks and uncertainties. The factors that could cause Campbell’s
actual results to vary materially from those anticipated or
expressed in any forward-looking statement are described in
Campbell’s most recent Form 10-K and subsequent Securities and
Exchange Commission filings, and include the ability to complete
and to realize the projected benefits of planned divestitures and
other business portfolio changes; and Campbell’s indebtedness and
ability to pay such indebtedness. Campbell disclaims any obligation
or intent to update the forward-looking statements to reflect
events or circumstances after the date of this release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190902005034/en/
INVESTORS: Ken Gosnell (856)
342-6081 Ken_Gosnell@campbellsoup.com
MEDIA: Thomas Hushen (856) 342-5227
Thomas_Hushen@campbellsoup.com
Campbell Soup (NYSE:CPB)
Historical Stock Chart
From Aug 2024 to Sep 2024
Campbell Soup (NYSE:CPB)
Historical Stock Chart
From Sep 2023 to Sep 2024