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Campbell to Acquire Kelsen Group to Expand Its International Presence and Drive Baked Snacks Growth in China

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CAMDEN, N.J.–(BUSINESS WIRE)–Jun. 17, 2013–
Campbell Soup Company (NYSE:CPB) announced today that it has
entered into an agreement to acquire Kelsen Group A/S from Maj Invest, a
private equity firm, and several other investors. Based in Nørre Snede,
Denmark, Kelsen is a producer of quality baked snacks that are sold in
85 countries around the world. Its primary brands include Kjeldsens
and Royal Dansk. Kelsen has established distribution networks in
markets in Asia, South America, the Middle East and Africa as well as
the United States. It is a market leader in the assortment segment of
the sweet biscuits category in China and Hong Kong, where growth in
sweet biscuits is outpacing the growth of the $60 billion global sweet
biscuits market.

Kelsen has been exporting premium Danish butter cookies to China for
more than twenty years. Its Kjeldsens brand has strong awareness
with retailers and consumers in major cities, and its sales in China
have grown at a compound rate exceeding 28 percent in the last three
years. The company generated DKK 1.043 billion ($180 million) in net
sales for the year ended Dec. 31, 2012. Aggregate net sales have grown
at a compound double-digit rate since 2009. Kelsen employs 366 people

Denise Morrison, Campbell’s President and Chief Executive Officer, said,
“We are delighted to welcome the Kelsen team to Campbell and to add
Kelsen’s distinctive brands to Campbell’s outstanding portfolio of baked
snacks, including our Pepperidge Farm cookies and crackers in
North America and Arnott’s biscuits in Australia. Kelsen will
give Campbell a solid platform for growth in baked snacks in China and
for the expansion of our international footprint. The acquisition of
this successful business is another important step in Campbell’s quest
to delight new consumers through expansion into higher-growth spaces,
including fast-growing emerging markets.”

Campbell plans to operate Kelsen as a standalone business based in
Denmark, reporting to Luca Mignini, President – Campbell International.

Mignini said, “Kelsen’s combination with Campbell will represent a
wonderful marriage of complementary skills and capabilities. Its strong
position in China and Hong Kong will enhance our presence in the region.
At the same time, Kelsen’s talented management team will have the
opportunity to leverage Campbell’s marketing, consumer insights, R&D and
supply chain expertise to grow the business in both new and existing

Brian Rønsholdt, CEO of Kelsen Group, said, “Kelsen has been providing
quality products to consumers for over 75 years. We look forward to
joining Campbell and its family of trusted brands. Campbell’s
consumer-focused capabilities and wide-ranging experience in biscuit
production will provide new resources for enhancing Kelsen’s product
lines and strengthening our engagement with consumers around the world.”

The terms of the transaction were not disclosed. Closing is subject to
regulatory approvals and other customary conditions. Campbell expects
the acquisition to be modestly accretive beginning in 2014.

Bruun & Hjejle in Denmark and King & Wood Mallesons in Hong Kong served
as Campbell’s legal counsel. Maj Invest and Kelsen investors were
advised by FIH Partners and Kromann Reumert served as legal counsel.

About Campbell Soup Company

Campbell Soup Company is a manufacturer and marketer of high-quality
foods and simple meals, including 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.” Through its corporate social
responsibility program, the company strives to make a positive impact in
the workplace, in the marketplace and in the communities in which it
operates. Campbell is a member of the Standard & Poor’s 500 and the Dow
Jones Sustainability Indexes. For more information, visit

Forward-Looking Statements

This release contains “forward-looking statements.” Forward-looking
statements can be identified by words such as “anticipates,” “intends,”
“plans,” “believes,” “estimates,” “expects” and similar references to
future periods. Examples of forward-looking statements include, but are
not limited to, statements we make on the expected impact of the Kelsen
Group acquisition. Forward-looking statements are based on our current
expectations and assumptions regarding our business, our industry and
other future conditions. Forward-looking statements are subject to
inherent uncertainties, risks and changes in circumstances that are
difficult to predict. Our actual results may differ materially from
those contemplated by the forward-looking statements. Important factors
that could cause actual results to differ materially from those in the
forward-looking statements include our ability to realize the
anticipated benefits from the acquisition of Kelsen Group and the other
factors described in the company’s most recent Form 10-K and subsequent
SEC filings. We undertake no obligation to update these statements to
reflect new information or future events.

Source: Campbell Soup Company

Campbell Soup Company
Carla Burigatto (Media)
Driscoll (Analysts / Investors)

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