Campbell Soup to Acquire Danish Cookie Maker
Campbell Soup is about to devour a tasty comestible. The company announced it has signed a deal to acquire Denmark-based snack-food purveyor Kelsen Group from private equity firm Maj Invest. The terms of the purchase were not disclosed.
The acquisition is part of Campbell's attempts to to expand its international presence in general and profit from the Chinese market in particular. Kelsen Group has been exporting its wares to that nation for more than two decades. According to the American company, the Danish firm's China sales have increased at a compound rate of more than 28% over the last three years.
All told, the Kelsen Group's annual net sales for 2012 reached 1.043 billion krones ($187 million). Worldwide, it boasts a workforce of 366 people. Its offerings encompass six cookie brands.
The acquisition is subject to approval from the relevant regulatory bodies. Campbell said it believes that Kelsen Group will be "modestly accretive" to its results starting in 2014.
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