Maj Invest sells Danish biscuit maker Kelsen to Campbell Soup


Danish private equity firm Maj Invest has agreed to sell baked goods and biscuit maker Kelsen Group to Campbell Soup Company.

Based in Nørre Snede, Denmark, Kelsen produces baked snacks that are sold in 85 countries around the world. Its brands include Kjeldsens and Royal Dansk.

Kelsen has established distribution networks in markets in Asia, South America, the Middle East and Africa as well as the United States. It is a market leader in the assortment segment of the sweet biscuits category in China and Hong Kong, where growth in sweet biscuits is outpacing the growth of the $60bn global sweet biscuits market.

Its sales in China have grown at a compound rate exceeding 28 per cent in the last three years. The company generated DKK1.043bn ($180m) in net sales for the year ending 31 December, 2012. Aggregate net sales have grown at a compound double-digit rate since 2009, it said.

The terms of the transaction were not disclosed.

Maj Invest was established in May 2005 by management and employees at state investment group Lønmodtagernes Dyrtidsfond (LD). LD originally invested in KelsenBisca back in 1984 and the company was spun off from parent company KelsenBisca in January 2004, with Maj holding a 55.9 per cent stake.

Since Maj’s establishment, ownership has changed, and today the owners include institutional investment groups PKA, Realdania and PBU.

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