CAMDEN, N.J.--(BUSINESS WIRE)--Aug. 12, 2013--
Campbell Soup Company (NYSE:CPB) announced today that it is in
final and exclusive negotiations for the potential sale of its business
in Europe to CVC Capital Partners (CVC), a leading global private equity
firm. CVC has made a firm offer to purchase the business. The proposed
transaction 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. The proposal also
includes the sale of four plants in Puurs, Belgium; Le Pontet, France;
Lubeck, Germany; and Karpalund, Sweden.
The proposed transaction does not include the export of Pepperidge
Farm products throughout Europe or Campbell’s products in the
United Kingdom or the Middle East or Africa. It also does not include
Kelsen Group, which will continue its operations in Denmark and the
export of its products to countries in Europe and throughout the world.
Campbell will conduct an information and consultation process with its
European and local works councils in relation to the proposed
transaction, in accordance with applicable laws. Campbell has the option
to cause the parties to execute a binding share purchase agreement after
the conclusion of the consultation process. The proposed transaction is
subject to clearance by the relevant European competition law
In fiscal 2012, the Campbell businesses included in the proposed
transaction generated annual net sales of approximately $530 million.
Campbell anticipates that the proposed sale would be completed in the
first quarter of its fiscal 2014.
Campbell is being advised by Allen & Overy LLP. CVC is being advised by
Leopold Capital Partners, Barclays, Cleary Gottlieb Steen & Hamilton LLP
and Ernst & Young.
About Campbell Soup Company
Campbell Soup Company is a manufacturer and marketer of high-quality
foods and simple meals, including soup and sauces, snacks and healthy
beverages. Founded in 1869, the company has a portfolio of
market-leading brands, including “Campbell’s,” “Pepperidge Farm,”
“Arnott’s,” “V8,” “Bolthouse Farms,” “Plum Organics” and “Kjeldsens.”
Through its corporate social responsibility program, the company strives
to make a positive impact in the workplace, in the marketplace and in
the communities in which it operates. Campbell is a member of the
Standard & Poor's 500 and the Dow Jones Sustainability Indexes. For more
information, visit www.campbellsoupcompany.com
or follow company news on Twitter via @CampbellSoupCo.
This release contains "forward-looking statements." Forward-looking
statements can be identified by words such as "anticipates," "intends,"
"plans," "believes," "estimates," "expects" and similar references to
future periods. Examples of forward-looking statements include, but are
not limited to, statements we make on the expected impact of the
potential transaction with CVC Capital Partners. Forward-looking
statements are based on our current expectations and assumptions
regarding our business, our industry and other future conditions.
Forward-looking statements are subject to inherent uncertainties, risks
and changes in circumstances that are difficult to predict. Our actual
results may differ materially from those contemplated by the
forward-looking statements. Important factors that could cause actual
results to differ materially from those in the forward-looking
statements include our ability to realize the anticipated benefits from
the potential transaction with CVC Capital Partners and the other
factors described in the company's most recent Form 10-K and subsequent
SEC filings. We undertake no obligation to update these statements to
reflect new information or future events.
Source: Campbell Soup Company
Campbell Soup Company
Carla Burigatto (Media)
Driscoll (Analysts / Investors)