CTH Invest, a Belgian holding company affiliated with the Ferrero Group, has agreed to acquire the Kelsen Group from the Campbell Soup Co. for $300 million. The Kelsen Group is a manufacturer of baked snacks sold under such brands as Kjeldsens and Royal Dansk.
The Kelsen Group employs 400 and has generated $157 million in sales during the past 12 months.
“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,” said Mark Clouse, president and chief executive officer of Campbell Soup. “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.”
Campbell Soup acquired the Kelsen Group in 2013. Terms of the acquisition were not released.
By Keith Nunes
Source: Food Business News
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