Valeo agrees gigantic deal with Campbells Soup
Valeo Foods has signed a major agreement with the Campbell's Soup company, outlining the terms that will see it take over Campbell's European crisps business, which includes the Kettle Crisps brand. The total value of the deal is an estimated £66m (€73m).
3 September 2019 | 0
Following on from last week’s reports that a deal was in the offing, Valeo Foods has agreed terms to acquire Campbell Soup Company’s European Crisps Business, which includes Kettle Foods Limited and sister company Yellow Chips BV (together “Kettle Foods”). The total cost of the transaction is approximately £66m (€73m) based on current exchange rates). It will be subject to customary conditions, including regulatory approval and consultation with employee representatives.
Kettle Foods manufactures and distributes hand cooked potato crisps and vegetable crisps under the Kettle and Go Pure brands, as well as Metcalfe’s Skinny Popcorn, sold across the UK, Europe and the Middle East. The brands will join Valeo Foods’ portfolio of international consumer brands which includes Rowse Honey, Barratt, Jacob’s, Fox’s Glacier Mints and Balconi.
The proposed acquisition of Kettle Foods will add approximately €115 million to Valeo Foods’ current annual sales of over €850 million.
Commenting on the proposed transaction, Seamus Kearney, CEO, Valeo Foods, said the proposed acquisition of Kettle Foods provides a great opportunity to further strengthen Valeo’s expanding portfolio. “This acquisition is consistent with our long-term goal of building a dynamic international portfolio of attractive, resilient and popular food brands that consumers love to enjoy,” he said.
Kettle Foods was founded in 1988 and employs approximately 500 people across the UK and the Netherlands. Campbell Soup Company has retained ownership of the Kettle brand and its operation in the US and all other geographies except for Europe and the Middle East.