Camden-based Campbell Soup Company has completed the 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). The Campbell European Chips Business includes UK-based Kettle Foods Limited and Netherlands-based Yellow Chips B.V. 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.
The Campbell European Chips Business had net sales of approximately $130 million in fiscal 2019. The results of the European Chips Business through the time of sale will remain part of continuing operations within the Snacks segment.
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.
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