Campbell Soup Company has wrapped up the previously announced £66 million sale of its European chips business to Valeo Foods, an Irish food company backed by CapVest Partners.
The transaction was announced in September 2019 as per the food acquisition news at Business-News-Today.com.
Included in the divested European chips business are the UK-based Kettle Foods and the Netherlands-based Yellow Chips. The divested chips business registered net sales of around $130 million in fiscal 2019.
Kettle Foods, which is headquartered in Norwich, England, is into the production of hand-cooked crisps, rice snacks, vegetable-based chips, and popcorn. The main brands of Kettle Foods are Metcalfe’s skinny popcorn and KETTLE Chips.
Yellow Chips, on the other hand, is engaged in the production of vegetable and organic potato chips under private label snacks and its own brands such as Go Pure.
Campbell Soup said that it will utilize the proceeds from the sale to cut down its debt.
As per the deal terms, Campbell Soup will continue to operate the Kettle brand business in the US and all other regions barring Europe and the Middle East.
The US food processing company said that it plans to grow the Kettle brand as a core part of its snacks portfolio.