Buyout Fund Cvc Hires Banks For $1.1 Billion Continental Meals Sale

Continental Foods, CVC, UBS and Messier Maris declined to comment.
CVC has owned it since late 2013, when it purchased it from Campbell Soup for 400 million euros ($447.1 million).
CVC’s decision to sell Continental Foods comes amid a wave of deal-making in the packaged food sector where large companies are looking for ways to boost profits in a weak market.
Private equity fund CVC Capital Partners has picked advisers to sell its food firm Continental Foods in a deal that could be worth more than 1 billion euros ($1.12 billion), sources familiar with the matter told Reuters on Monday.
It could fetch more than 1 billion euros, based on a multiple of 12 times its earnings before interest, tax, depreciation and amortization (EBITDA) of around 90 million euros, the sources said.

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