Campbell & KKR Sign Definitive Agreement for Sale of Arnott’s & Certain of Campbell’s International Operations for $2.2 B...
02 Août 2019 - 6:00AM
Business Wire
Campbell Sells International Portfolio,
Including Kelsen Group, for $2.5 Billion
Total Expected Net Proceeds of Approximately
$3 Billion from Divestitures of Campbell International and Campbell
Fresh
Intends to Use All Proceeds to Reduce
Debt
Campbell Soup Company (NYSE: CPB) announced today that it
has signed a definitive agreement for the sale of Arnott’s and
certain of Campbell’s International operations to KKR (NYSE:
KKR), a leading global investment firm, for $2.2 billion in
cash, subject to customary purchase price adjustments. Combined
with the previously disclosed sale of Kelsen Group, Campbell has
announced the sale of its entire Campbell International division
for an aggregate price of $2.5 billion.
Acquired by Campbell in 1997, Arnott's is one of Australia's
most iconic brands. Arnott’s regional headquarters are based in
Sydney with operations in Western Sydney, Brisbane, Adelaide and
Bekasi, Indonesia. Campbell’s International operations include
Campbell’s simple meals businesses in Australia, Malaysia, Hong
Kong and Japan, and manufacturing in Australia and Malaysia.
Arnott’s and Campbell’s International operations had combined net
sales of approximately $885 million in the latest 12 months and
employ approximately 3,800 people.
Mark Clouse, Campbell’s President and CEO, said, “This was a
thorough and complex process in which we considered many options.
Our approach has resulted in agreements that we believe generate
the greatest value from our international assets. By applying
almost $3 billion of divestiture net proceeds to reduce debt,
Campbell’s balance sheet will be stronger and capable of supporting
our plan to grow our focused and differentiated portfolio."
Under the terms of the agreement, Campbell and KKR will enter
into a long-term licensing arrangement for the exclusive rights to
use certain Campbell brands, including Campbell's, Swanson, V8,
Prego, Chunky and Campbell's Real Stock, in Australia, New Zealand,
Malaysia and other select markets in Asia, Europe, the Middle East
and Africa.
In August 2018, Campbell announced it would divest Campbell
International and Campbell Fresh to focus the company on its core
North American businesses and reduce debt. The company completed
the divestiture of its Campbell Fresh operations in June 2019,
generating proceeds of approximately $565 million. The sale of
Campbell International, including the recently announced sale of
Kelsen Group to a Ferrero affiliated company for $300 million, is
expected to generate proceeds of approximately $2.5 billion.
Campbell will use the expected aggregate net proceeds of $3 billion
to reduce the company’s debt.
Closing for Arnott’s and Campbell’s International operations, as
well as Kelsen Group, is expected in the first half of fiscal
2020.
Campbell was advised by Centerview Partners, Goldman Sachs,
Weil, Gotshal & Manges LLP and King & Wood Mallesons.
About Campbell Soup Company
Campbell (NYSE:CPB) is driven and inspired by our Purpose, "Real
food that matters for life's moments." For generations, people have
trusted Campbell to provide authentic, flavorful and affordable
snacks, soups and simple meals, and beverages. Founded in 1869,
Campbell has a heritage of giving back and acting as a good steward
of the planet's natural resources. The company is a member of the
Standard and Poor's 500 and the Dow Jones Sustainability Indexes.
For more information, visit www.campbellsoupcompany.com or follow
company news on Twitter via @CampbellSoupCo.
About KKR
KKR is a leading global investment firm that manages multiple
alternative asset classes, including private equity, energy,
infrastructure, real estate and credit, with strategic partners
that manage hedge funds. KKR aims to generate attractive investment
returns for its fund investors by following a patient and
disciplined investment approach, employing world-class people, and
driving growth and value creation with KKR portfolio companies. KKR
invests its own capital alongside the capital it manages for fund
investors and provides financing solutions and investment
opportunities through its capital markets business. References to
KKR’s investments may include the activities of its sponsored
funds. For additional information about KKR & Co. Inc. (NYSE:
KKR), please visit KKR’s website at www.kkr.com and on Twitter
@KKR_Co.
Forward-Looking Statements
This release contains “forward-looking statements” that reflect
Campbell’s current expectations about the impact of its future
plans and performance on Campbell’s business or financial results.
These forward-looking statements rely on a number of assumptions
and estimates that could be inaccurate and which are subject to
risks and uncertainties. The factors that could cause Campbell’s
actual results to vary materially from those anticipated or
expressed in any forward-looking statement are described in
Campbell’s most recent Form 10-K and subsequent Securities and
Exchange Commission filings, and include the ability to complete
and to realize the projected benefits of planned divestitures and
other business portfolio changes; and Campbell’s indebtedness and
ability to pay such indebtedness. Campbell disclaims any obligation
or intent to update the forward-looking statements to reflect
events or circumstances after the date of this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20190801006150/en/
INVESTORS: Ken Gosnell (856)
342-6081 Ken_Gosnell@campbellsoup.com MEDIA: North America: Thomas Hushen (856) 342-5227
Thomas_Hushen@campbellsoup.com International: Renee McCarthy +61 2
8767 7516 Renee_McCarthy@arnotts.com
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