Dutch food group Royal Wessanen has announced the sale of its Dailycer and Delicia private label businesses to One Equity Partners Europe (OEP) for EUR104m (US$137m).
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Wessanen said today (14 Dec) that it had received a binding offer from OEP, which manages US$5bn of investments and commitments for J.P. Morgan Chase & Co. in direct private equity transactions, to buy the activities of the two companies which represent the group’s last two significant operations in the private label sector. The Dutch group said that after pension liabilities, debt, tax and costs it expects proceeds from the deal to be approximately EUR80m.
Wessanen announced its intention in February to disengage from the private label market, in order to focus on branded and distribution businesses.
“We are happy that, in One Equity Partners Europe, we have found a strong shareholder for Delicia and Dailycer who will help them to grow and enjoy a prosperous future,” said Wessanen CEO Ad Veenhof.
Wessanen said it is now undertaking the appropriate communication and consultation with relevant employee representatives. Following the successful completion of this process, the company said it would be in a position to accept OEP’s binding offer, which will leave the deal subject only to regulatory approval.
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