Camden-based Campbell Soup Co. announced Friday it has agreed to offload Denmark-based Kelsen Group to Ferrero affiliate CTH Invest for approximately $300 million.
The Kelsen Group, which had net sales of approximately $157 million over the last 12 months, is a manufacturer of baked snacks sold under brands such as Kjeldsens and Royal Dansk. The company is part of Campbell International, which includes Arnott’s biscuits; Campbell’s simple meals businesses in Australia, Malaysia, Hong Kong and Japan; and manufacturing operations in Australia, Indonesia and Malaysia.
“The sale of Kelsen Group supports our strategy to focus on North America where we have iconic brands and strong market positions, while reducing debt. Throughout the divestiture process, we have considered many options for our valuable international assets. Selling Kelsen separately from the rest of our international business generates the greatest possible value for Campbell. We are committed to the divestiture of the remainder of our international operations and will remain disciplined as we move forward,” Mark Clouse, Campbell CEO and president, said.
The deal is expected to close in the first quarter of fiscal 2020.
Centerview Partners, Goldman Sachs and Weil, Gotshal & Manges LLP advised Campbell in the sale.
