CAMPBELL Soup Company, the US soup maker immortalised by artist Andy Warhol, yesterday said it was close to selling a clutch of European brands to CVC Capital Partners, the owner of Formula One.
Campbell’s, based in New Jersey, has entered into exclusive final talks with CVC about offloading its continental portfolio, which includes mayonnaise maker D&L and soup producers Royco and Deli Soup.
Deal values have not been disclosed. The companies said the businesses on the block generate annual net sales of €400m. CVC has raised senior debt financing from Rabobank, ING and BNP Paribas Fortis to help fund the deal.
Also included are German soup makers Erasco and Lacroix, and Finnish and Swedish sauciers Bla Band and Touch of Taste. Campbell said it will retain its brands in UK, Ireland, Middle East and Africa.
Campbell Soup was lionised by artist Andy Warhol in his 1962 pop art print Campbell’s Soup Cans, depicting 32 white and red cans of soup.
The company accounts for about 85 per cent of the US canned soup market.
CVC, which also owns Brit Insurance, recently raised a new €10.5bn fund.