It has been reported that Valeo Foods is in talks with the Campbell Soup Company to buy its UK and Irish businesses.
According to the Irish Times, the deal for Campbell’s UK and Irish businesses, which produce Kettle crisps and Metcalfe popcorn, is said to be worth over €54 million.
The paper reports that discussions are at an advanced stage to buy Kettle UK.
This year Valeo has already acquired confectionery group Tangerine, for approximately €110 million.
Reducing Debt
Campbell announced plans to put its Kettle business up for sale in the UK and Ireland in May on the back of pressure from activist investor Third Point.
At the time, it had hired Barclays to explore a sale of the UK business as it looks to generate cash as it looked to reduce its debt.
The group has only recently sold its Australian snacks unit Arnott's and some of its international operations to KKR & Co Inc for €1.98 billion.
Campbell also sold its Danish unit Kelsen Group for $300 million, its Garden Fresh Gourmet, and its Bolthouse farms businesses earlier in the year.
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click sign-up to subscribe to Checkout.
