CVC Capital Partners has signed an agreement to acquire the European simple meals business of Campbell Soup Company. CVC and Campbell entered into negotiations on this transaction in August 2013.
CVC will acquire 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, for a purchase price of €400 million. The transaction also includes four plants in Puurs, Belgium; Le Pontet, France; Lubeck, Germany; and Karpalund, Sweden. In fiscal 2013, the Campbell businesses included in the proposed transaction generated annual net sales of approximately $530 million. The acquired brands are headquartered in Puurs, Belgium and employ approximately 1,300 people.
CVC is being advised by Leopold Capital Partners; Barclays, Cleary Gottlieb Steen & Hamilton; and Ernst & Young.
CVC invests in a range of industries with a specific interest in industrial and service businesses. To date, CVC has raised over $60 billion in capital completing over 300 investments with an aggregate transaction value of $150 billion. The firm, founded in 1981, is based in London and has a network of 21 offices and 280 employees throughout Europe, Asia and the United States (www.cvc.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 10-1-13
