CVC set to buy Campbell Europe

The transaction is understood to be valued at around €400m, according to a source close to the situation.

CVC stated it has raised fully committed senior debt financing for the transaction. Rabobank, ING and BNP Paribas Fortis acted as joint underwriters and bookrunners. The investment was done via CVC's €11bn Fund V.

The deal is subject to the consultation of employee representatives and relevant European competition authorities. Campbell Soup Company expects the transaction to complete in the first quarter of its 2014 fiscal year.

CVC has seemed keen on keeping a steady investment tempo since raising €10.5bn for its latest buyout fund at the end of July. The GP also entered exclusive talks with Advent International to buy insurance business Domestic & General, a deal believed to be valued in the £800m-1bn range.

Company
CVC is aiming to acquire the Liebig and Royco brands in France, Erasco in Germany, Blå Band in Sweden and Devos Lemmens and Royco in Belgium. The brands primarily address the soups, sauces and bouillons segments.

The deal will also include the sale of four plants in Belgium, France, Germany and Sweden. The UK, Middle East and Africa operations of Campbell are not part of the sale.

The activities considered in the transaction (referred to as Campbell Europe) generated a combined turnover of around €400m in 2012 and employ 1,300 people. Campbell Europe is headquartered in Puurs, Belgium.

People
Steven Buyse led the deal for CVC.

Advisers
Equity - Leopold Capital Partners (M&A); Barclays (M&A); Cleary Gottlieb Steen & Hamilton (Legal); Ernst & Young (Financial due diligence).
Vendor - Allen & Overy (Legal).

 

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