The latest deal sells the brands Devos Lemmens, Royco, Liebig and Deli Soup to CVC

Private equity firmCVC Capital Partnersis buying some ofCampbell Soup Co.’s (NYSE: CPB) European operations.Campbell Europe is headquartered in Paris, and includes operations in Belgium, France, Germany, Sweden and Finland. The group owns the brands Devos Lemmens, Royco, Liebig, Deli Soup, Erasco, Bla Band, Touch of Taste and Lacroix.

The sale comes after Campbell has made several recent acquisitions to tweak its product mix, as it moves beyond the soup business into other growing segments of the food industry. Earlier in August, itclosed a deal for Kelsen Group, and in May announced adeal for Plum Organics. Last year, the company bought Bolthouse Farms from private equity firm Madison Dearborn Partners in a $1.5 billion deal, Campbell’s biggest purchase to date.

The sale of the European business excludes Denmark-based Kelsen Group, which owns the Royal Dansk brand. Campbell’s Pepperidge Farm products are also excluded from the deal.

Campbell’s has been altering its strategy for a while. In 2011, the company exited Russian operations just four years after expanding into the market.

London-based CVC is a private equity firm that was founded in 1981. The firm has made more than $50 billion in investments, and is currently invested in 55 companies. Other investments include BJ’s Wholesale Club, Formula One and Rocla Concrete Tie Inc. The firm recently agreed tosell Colomer Group for about $600 million to Revlon Inc. 

Leopold Capital Partners, Barclays, Cleary Gottlieb Steen & Hamilton LLP and Ernst & Young advised CVC. Debt financing for the deal will be provided by Rabobank, ING and BNP Paribas Fortis.  

Allen & Overy LLP advised Campbell.

Food and beverage industry