Willkie represented CapVest Partners LLP and its portfolio company Valeo Foods in the transaction.
On September 2, Campbell Soup Company (NYSE:CPB) announced it has signed an agreement for the intended sale of its European Chips Business to Valeo Foods, a portfolio company of CapVest Partners LLP, for approximately £66 million. Campbell’s European Chips Business includes UK-based Kettle Foods Limited and Netherlands-based Yellow Chips B.V. Willkie advised Valeo Foods, a portfolio company of CapVest Partners LLP, in the transaction.
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. Based in Norwich, England, Kettle Foods Limited makes hand-cooked crisps, popcorn, rice snacks and vegetable-based chips. Its primary brands are KETTLE Chips and Metcalfe’s skinny popcorn. The sale also includes Netherlands-based Yellow Chips, a producer of vegetable and organic potato chips.
Founded in 1869, Campbell Soup Company is a multi-national food company headquartered in Camden, N.J., with annual sales of approximately $8.1 billion. Campbell makes a range of high-quality soups and simple meals, beverages and snacks. With operations in Ireland, the UK and Continental Europe and sales to approximately 90 countries, Valeo Foods is one of the fastest growing international ambient foods producers and distributors with annual sales of approximately €850 million, before the currently proposed acquisition of Kettle Foods. Valeo Foods owns a portfolio of popular consumer brands, including Barratt, Rowse Honey, Fox’s Glacier Mints and XXX Mints, Jacob’s, Batchelors, Odlums, Shamrock, Kelkin, Robert Roberts, Pedro and Balconi. In total, Valeo Foods has 68 international brands.
The Willkie team was led by partner David Arnold and included associates Andrew Gray, Amelia Doughty, Michael Grant and Gabriella Denlew. Partner Jane Scobie led on the tax aspects.