Campbell Soup Co. has completed the sale of its European Chips Business to Valeo Foods, a portfolio company of CapVest Partners LLP, for approximately for approximately $80 million. The Campbell European Chips business includes UK-based Kettle Foods Limited and Netherlands-based Yellow Chips B.V. Campbell will use the proceeds from the divestiture to reduce debt.
Under the terms of the agreement, Campbell will retain the Kettle Brand business in the United States and all other geographies except for Europe and the Middle East. Campbell intends to grow the Kettle Brand part of its Snacks portfolio.
The Campbell European Chips business had net sales of approximately $130 million in fiscal 2019. The results of the European chips business through the time of sale will remain part of continuing operations within the snacks segment.