LUXEMBOURG — CTH, a Belgian holding company affiliated with the Ferrero Group, has completed its acquisition of Kelsen Group A.S. from the Campbell Soup Co. for a purchase price of $300 million, subject to customary adjustments.
Kelsen manufactures cookies and baked snacks under the brands Royal Dansk and Kjeldsens and distributes products in more than 100 countries. The transaction includes two processing facilities in Nørre Snede and Ribe, Denmark. The company employs approximately 400.
Campbell Soup Co. said it will use the proceeds from the divestiture to reduce debt. In August, the Camden, N.J.-based company announced a definitive agreement to sell Arnott’s and certain Campbell’s international operations to the private equity firm KKR for approximately $2.2 billion. The transaction is expected to close in the first half of 2020.
“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,” said Mark Clouse, president and chief executive officer of Campbell Soup, when the divestiture was announced in July. “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.”
Campbell Soup acquired the Kelsen Group in 2013. Terms of the acquisition were not released.