Valeo Foods Group has agreed to acquire Campbell Soup Company’s European crisps business, Kettle Foods, for approximately £66 million (€73 million).
The portfolio includes Kettle Foods Limited and its sister company Yellow Chips BV.
In mid-August, it was being speculated that the companies were 'in talks' regarding a potential acquisition.
Campbell Soup Company has retained ownership of the Kettle brand and its operation in the US and all other parts of the world except for Europe and the Middle East.
'A Great Opportunity'
CEO of Valeo Foods, Seamus Kearney, said, "The global snacking segment continues to grow and the proposed acquisition of Kettle Foods provides a great opportunity to further strengthen our expanding portfolio of international brands.
"This acquisition is consistent with our long-term goal of building a dynamic international portfolio of attractive, resilient and popular food brands that consumers love to enjoy.”
The proposed acquisition of Kettle Foods will add approximately €115 million to Valeo Foods’ current annual sales of more than €850 million, the company said.
The transaction is subject to regulatory approvals, consultation with employee representative bodies, and other customary closing conditions.
Founded in 1988, Kettle Foods employs approximately 500 people across the UK and the Netherlands.
It manufactures and distributes hand-cooked potato crisps and vegetable crisps under the Kettle and Go Pure brands, as well as Metcalfe’s Skinny Popcorn, which are sold across the UK, Europe, and the Middle East.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.