Campbell Soup Co. is selling its European simple meals business to private equity firm CVC Capital Partners for $542 million.
The deal includes 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. It also includes four plants in Belgium, France, Germany and Sweden. The businesses included in the deal had annual sales of approximately $530 million in the fiscal year that ended in July.
The transaction doesn’t include the Kelsen Group, a Danish snack company that Campbell bought in June for an undisclosed sum. Campbell also said that it will continue to export Pepperidge Farm products in Europe and Campbell’s products in the U.K., Middle East and Africa.
Campbell said in August that it was in final and exclusive talks with CVC about the potential sale of the European simple meals business.