Ferrero Affiliated Company Announces Agreement to Acquire Kelsen Group A.S. From Campbell Soup Company

A Ferrero Affiliated Company today announced a definitive agreement pursuant to which it will acquire Kelsen Group A.S. from Campbell Soup Company CPB. Kelsen Group A.S. generated sales of approximately $157 million in the latest 12 months.

Based in Nørre Snede, Denmark, Kelsen is the maker of fine cookie brands Royal Dansk and Kjeldsens, two widely-loved, prestigious brands with a deep Danish heritage and a strong global presence. Kelsen has established distribution networks globally and its cookies are sold in more than 100 countries around the world. Kelsen's Royal Dansk and Kjeldsens brands are staples in holiday season gifting, each carrying very strong brand awareness among consumers and leading positions in the assortment segment of the cookie category, particularly in China, Hong Kong and the U.S.

As part of the transaction, the Ferrero Affiliated Company will take over the two production facilities in Nørre Snede and Ribe.

Through this acquisition the Ferrero Affiliated Company expects to increase its relevance in the fine biscuits assortments.

The transaction is subject to customary closing conditions and regulatory approvals, and is expected to close in 2 Months.

Rothschild & Co and Davis Polk & Wardwell LLP served as advisors to the Ferrero Affiliated Company.

About Ferrero Affiliated Company

CTH is a Belgian Holding Company affiliated to the Ferrero Group.

About Campbell Soup Company

Campbell CPB is driven and inspired by our Purpose, "Real food that matters for life's moments." For generations, people have trusted Campbell to provide authentic, flavorful and affordable snacks, soups and simple meals, and beverages. Founded in 1869, Campbell has a heritage of giving back and acting as a good steward of the planet's natural resources. The company is a member of the Standard and Poor's 500 and the Dow Jones Sustainability Indexes. For more information, visit www.campbellsoupcompany.com or follow company news on Twitter via @CampbellSoupCo.

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