Sector News

Report: Campbell Soup closing in on sale of international brands portfolio

July 5, 2019
Food & Drink

Australian private equity firm Pacific Equity Partners (P.E.P.) is prepping for a potential bid for the international brands business of Camden, N.J.-based Campbell Soup Co., according to the Australian Financial Review.

The newspaper noted that P.E.P. on June 28 set up a new Australian company that is believed to have been formed with the intention of holding the Campbell Soup businesses. Campbell Soup’s international portfolio includes the Arnott’s cookie and cracker brands and Danish baked snacks maker Kelsen Group.

If a deal comes to fruition, it would not be P.E.P.’s first foray into the food sector. The private equity firm in 2015 acquired Kerry Pinnacle, the Australian food manufacturing business of Kerry Group, later merging the business with Allied Mills in 2017 to create Allied Pinnacle, Australia’s largest end-to-end bakery ingredient supplier with a strong presence in flour, premixes and prepared bakery products. P.E.P. sold Allied Pinnacle to Nisshin Seifun Group Inc. earlier this year in a deal valued at just under A$1 billion ($710.5 million).

Mondelez International was considered a potential buyer of the Campbell Soup international businesses for many months, but a report from CNBC in early April suggested the talks between Mondelez and Campbell Soup had reached a stalemate. CNBC cited sources suggesting that Mondelez was unwilling to pay Campbell Soup’s roughly $3 billion price expectation.

By Eric Schroeder

Source: Food Business News

comments closed

Related News

October 2, 2022

Drinktec 2022: In review

Food & Drink

In the lead-up to the world-famous Oktoberfest – which celebrates Bavarian tradition, beer and the festival spirit – Munich was already buzzing with activity by the time the doors opened to Drinktec 2022 on 12-16 September. The atmosphere was lively, with approximately 50,000 visitors from 169 countries in attendance.

October 2, 2022

Alan Jope to step down as Unilever CEO

Food & Drink

Unilever has announced CEO Alan Jope’s decision to retire from the company at the end of 2023, after five years at the helm. The announcement comes less than a year after a failed attempt by Unilever to buy GlaxoSmithKline’s consumer healthcare business and just months after activist investor Nelson Peltz joined the company’s board.

October 2, 2022

Lakeland Dairies names Colin Kelly as next group CEO

Food & Drink

Lakeland Dairies has announced that Colin Kelly will assume the role of group CEO following the retirement of Michael Hanley at the end of the year. Kelly will take up the position in January 2023, while Hanley will step down in December this year.