The Bonduelle Group has entered into negotiations to sell a majority stake in its Bonduelle Americas Long Life (BALL) business unit.
The 65% stake will be sold to capital fund Fonds de solidarité FTQ and institutional investor Caisse de dépôt et placement du Québec (CDPQ) for CAD $850 million (approx. €625 million).
BALL processes and manufactures canned and frozen vegetables for retail supermarket and foodservice sectors in the US and Canada, as well as for private label, third party brands and own brands such as Arctic Gardens and Del Monte.
Guillaume Debrosse, CEO of the Bonduelle Group, said: “The transaction with the Fonds de solidarité FTQ and CDPQ would allow BALL to pursue its development in a North American market that is constantly consolidating and to finance its growth and profitability investments, without any new allocation of capital by the Bonduelle Group”.
“As a minority shareholder, Bonduelle will ultimately benefit from 35% of the value created by this business” Debrosse added.
The transaction, subject to customary conditions, is expected to close in a few weeks.
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