CVC Sells Continental Foods to GBfoods

Cleary Gottlieb is representing CVC Capital Partners (Fund V) (CVC), a leading global private equity firm, in its exit sale of Continental Foods to GBfoods, a division of Spanish food group Agrolimen.

Based on a binding offer from GBfoods, the parties have entered into exclusive negotiations with a view to signing definitive documentation upon completion of applicable employee information and consultation processes.

Continental Foods, formerly the European division of the Campbell Soup Co., was acquired by CVC in 2013, and Cleary also represented CVC in that acquisition. With a turnover of around €400 million and a team of more than 1,000 employees, it operates in five key European markets: Belgium, where its HQ is located, France, Germany, Sweden, and Finland. Continental Foods is mainly active in soups, cold and warm sauces, and bouillons, and owns a portfolio of well-known local consumer brands such as Liebig, Royco, Devos&Lemmens, Erasco, and Blå Band, among others.

GBfoods is a Spanish-based food company with operations in more than 50 countries in Europe, Africa, and the Middle East. With a turnover of around €800 million and a team of more than 2,000 employees, it owns a portfolio of prestigious brands such as Gallina Blanca, Star, Grand’Italia, Jumbo, and Gino.