Campbell Soup To Sell Danish Snacks Manufacturer To Ferrero Affiliate For $300 Million
Jul 26, 2019 04:38 AM EDT | By Staff Reporter
Campbell Soup has announced it will sell its Danish baked snacks manufacturer Kelsen Group to CTH Invest, a Belgian holding company affiliated with the Nutella maker Ferrero, for $300 million. The transaction is subject to customary purchase price adjustments, and it is expected to be completed in the first quarter of fiscal 2020.
Campbell was advised by Centerview Partners, Goldman Sachs and Weil, Gotshal & Manges LLP. Kelsen, which is based in Nørre Snede, Denmark, was acquired by the Pepperidge Farm owner in 2013. It is primarily known for its brands such as Kjeldsens and Royal Dansk, and it had net sales of approximately $157 million in the past 12 months.