Transaction: Divestments
Date: August 2013
Deal value: EUR 268 million
Process: Private auction
Industry: Retail

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Kelsen Group is the leading Danish Butter Cookie manufacturer with a no. 1 brand premium position in China and Hong Kong. The company also has a strong brand position in the US. Using traditional baking craftsmanship Kelsen Group has since 1933 produced Danish Butter Cookies baked with no additives. Marketed under the two main brands Kjeldsens and Royal Dansk, the cookies are especially used for gift giving at seasonal and festive occasions. 

In markets like China, Hong Kong, Japan, South Korea, and South Africa, Kelsen Group has realised annual growth rates around 20%, resulting in total net sales of DKK 1,051 million and EBITDA of DKK 149 million in 2012.

The acquirer, Campbell Soup Company, is a global manufacturer and marketer of high-quality foods and simple meals. This includes soup and sauces, baked snacks and healthy beverages. Founded in 1869, the company has a portfolio of market leading brands, including Campbell’s, Pepperidge Farm, Arnott’s, V8 and Bolthouse Farms. Being a member of Standard & Poor's 500 Campbell Soup Company employs approx. 20,000 people and recorded net sales of USD 7.7 billion in 2012.

FIH Partners has acted as exclusive financial advisor to the owners of Kelsen Group and arranged a structured auction process targeting multiple trade and financial buyers from all over the world. The divestment of Kelsen Group to Campbell Soup Company is the outcome of a competitive process.