Kelsen Group Being Sold For $300 Million
CTH, a Belgian holding company affiliated to the Ferrero Group, has agreed to acquire Kelsen Group, the Danish biscuit producer, from US-based Campbell Soup Company for $300 million. The proceeds from the divestiture will allow Campbell to reduce debt.
Based in Nørre Snede, Denmark, Kelsen is a producer of quality baked snacks whose primary brands include Kjeldsens and Royal Dansk. Kelsen had net sales of approximately $157 million in the latest 12 months. The company has approximately 400 employees. Kelsen has established distribution networks globally and its cookies are sold in more than 100 countries around the world. As part of the transaction, CTH will take over the two production facilities in Nørre Snede and Ribe.
Through this acquisition CTH expects to increase its relevance in the fine biscuits assortments. The transaction is subject to customary closing conditions and regulatory approvals, and is expected to close in two months.
Kelsen is part of Campbell International, which also 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 process to divest the remainder of Campbell International, including Arnott’s, is proceeding.
Mark Clouse, president and chief executive of Campbell Soup Company, says: “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.”
