Campbell Soup has agreed to sell its European chips business, including UK-based Kettle Foods and Netherlands-based Yellow Chips B.V., to Valeo Foods, a portfolio company of CapVest Partners LLP, for approximately $80 million.
The deal is expected to be completed in the first quarter of fiscal-year 2020.
The U.S. soup maker said it will retain the Kettle Brand business in the U.S. and all other geographies except for Europe and the Middle East, and it intends to grow the brand as an important part of its snacks portfolio, which also includes the Cape Cod, GoldFish, Pepperidge Farm, Snack Factory Pretzel Crisps and Snyder’s of Hanover brands.
The deal is part of the company’s ongoing divestiture of its international business as it narrows its focus on its core canned soup unit and snacks. Earlier this summer, Campbell also announced plans to sell its Danish baked snacks manufacturer Kelsen Group to CTH Invest, a Belgian holding company