CVC buys Campbell Soup unit for €400 million

The UK firm invested in Campbell’s European simple meals division using capital from its €10.75bn Fund V.

CVC Capital Partners has acquired the European simple meals business of NYSE-listed Campbell Soup Company for €400 million. 

The acquisition includes Campbell’s national brands of soups, sauces and simple meals, which include Liebig and Royco in France, Erasco in Germany, Blå Band in Sweden and Devos Lemmens and Royco in Belgium. The transaction also includes four plants which are located in Belgium, France, Germany and Sweden. The deal does not include Campbell’s Kelsen Group, which will continue its operations in Denmark and the export of its products to countries in Europe and internationally, Campbell said in a statement.

London-headquartered CVC made the investment from its CVC Fund V, which closed on €10.75 billion in 2009. The firm entered into exclusive talks with Campbell in August.

CVC declined to comment. 

Earlier this month, the firm hired Wolfgang Colberg as an industrial partner and special advisor to support CVC’s offices in Frankfurt and Zürich. Colberg was most recently the chief financial officer of specialty chemicals group Evonik Industries, which CVC acquired in 2008. 

CVC closed its sixth flagship European and North American buyout fund on its €10.5 billion hard-cap in July, having turned away some €3.5 billion of additional capital for the vehicle, according to a source familiar with the matter.