CVC frontrunner for confectionary arm of Dutch foods group CSM

In a second round of bidding that also involved 3i, Permira, Nordic Capital and PAI, CVC Capital Partners has emerged as the favourite to secure the bidding for the confectionary arm of CSM, the Dutch foods group, which is valued at €800m. Continuing the recent trend of corporate divestment in the Benelux region, CSM put the subsidiary up for sale in August in an effort to cut costs and focus on its core food ingredients and bakery products business. The division in question employs 4,200 people and reported revenues in the first half of this year of €348.5m. Bids for the second round are expected in mid-December, with the transaction scheduled to complete in January. ABN AMRO is running the auction. CVC is being advised by Lehman Brothers.

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