Kettle Foods part of crisp $80m acquisition
Kettle Foods in Norwich is being sold as part of an $80 million deal. It forms part of the European Chips Business of Campbell Soup Company, quoted on Wall Street, and is being sold to Valeo Foods – an Irish-headquartered portfolio company of CapVest Partners.
Campbell’s European Chips Business includes Kettle Foods Limited and Netherlands-based Yellow Chips B.V. The transaction is subject to customary closing conditions including the relevant regulatory approvals and consultation with employee representative bodies. Campbell will use the proceeds from the divestiture to reduce debt.
Campbell will retain the Kettle Brand business in the US and all other geographies except for Europe and the Middle East. Campbell intends to grow the Kettle Brand as an important part of its Snacks portfolio, which also includes the Cape Cod, Emerald, Goldfish, Lance, Late July, Milano, Pepperidge Farm, Snack Factory Pretzel Crisps and Snyder’s of Hanover brands.
Kettle Foods makes hand-cooked crisps, popcorn, rice snacks and vegetable-based chips. Its primary brands are KETTLE Chips and Metcalfe's skinny popcorn.
Sister company Yellow Chips produces vegetable and organic potato chips under private label snacks and its own premium brands, including Go Pure.
The transaction is expected to close in the first quarter of fiscal 2020. Campbell was advised by Barclays and Weil, Gotshal & Manges LLP.