Campbell Soup Co. said it would sell some of its European canned soups and meals brands to private equity firm CVC Capital Partners for 400 million euros ($541 million).
Campbell said in August that it was in talks to sell some brands to CVC Capital as it focuses on its core North American soup and meal business and high growth areas.
CVC Capital will buy brands including Liebig and Royco in France, Erasco in Germany, Bla Band in Sweden and Devos Lemmens and Royco in Belgium.
The deal does not include the Kelsen Group in Denmark, which Campbell acquired in June to boost its international presence.
Campbell said it intends to use the proceeds to pay down debt and for other general corporate purposes.
The company is being advised by Allen & Overy LLP. CVC Capital is being advised by Leopold Capital Partners, Barclays, Cleary Gottlieb Steen & Hamilton LLP and Ernst & Young.
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