Sydney — Investment company Kohlberg Kravis Roberts & Co. L.P. (KKR) has signed a stock and asset purchase agreement with Campbell Soup Co. for biscuit brand Arnott’s, simple meals and snacking brands distributed in Australia, New Zealand, Indonesia, Malaysia, Singapore, Hong Kong and Japan. Manufacturing operations in Australia, Indonesia and Malaysia are included in the deal, which is valued at $2.2 billion, according to KKR.
The bulk of Campbell International’s business is driven by Arnott’s, which is an iconic Australian brand that has been in production for more than 150 years, according to KKR.
Under terms of the agreement, KKR and Campbell established a long-term licensing arrangement for 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 Pacific, Europe, the Middle East and Africa.
David Lang, KKR member, says: “Campbell International represents a unique portfolio of iconic brands that are known and loved by consumers in Australia and across the world. We are privileged and excited to have the opportunity to invest in and grow Arnott’s as an independent business in Australia, in addition to further developing Campbell’s trusted brands across the broader Asian market. This is a milestone investment for KKR, and we look forward to working closely with the Campbell International management team to seek out new and exciting opportunities.”