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 expected to be completed in the first quarter of fiscal 2020.
Belgian holding company CTH Invest, said it would take over Kelsen’s two production facilities in Denmark and add fine biscuits assortments to its portfolio with the deal.
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.
Italian confectionery group Ferrero competed with other bidders, including a consortium comprising private equity firms KKR & Co and Bain Capital LP and Oreo cookies maker Mondelez International Inc, for Campbell’s international unit.
Via CNBC / Forbes /Reuters
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