Pacific Equity sets up company to buy Campbell Soup international business

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Pacific Equity Partners has reportedly set up a new company to buy the international business of US food major Campbell Soup.

The Australian private equity firm has been preparing to bid for the brand portfolio of the business, which includes cookie brand Arnott’s, according to a report by the Australian Financial Review.

The company’s assets are valued at A$3bn ($2.10bn) the report added. In Campbell’s third quarter report, the company saw sales increase by 16 per cent to $1.1bn.

The company also incurred $2m of costs related to the planned divestiture of the company’s international biscuits and snacks segment, the results added.

PEP is said to be the Australasia’s largest private equity fund manager by fund under administration, the firm said on its website. The A$3.9bn managing firm has invested in 31 companies and made over 100 bolt-on acquisitions.

Last month, PEP raised more than A$2bn for its first close of its sixth flagship fundraise.

Recent deals from firm include the sale of Australian flour, ingredients and baked products business Allied Pinnacle to trade buyer Nisshin Seifun Group in February.

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