Wessanen Sells PANOS Brands to Private Equity
PANOS manages a unique and defined portfolio of natural and specialty food and beverage brands like KA-ME, Sesmark, Soy Kaas and Amore in the USA and Canada.
12/20/2010 --- Royal Wessanen nv has sold its US subsidiary PANOS Brands to an affiliate of private equity company High Road Capital Partners Fund I, L.P. The purchase price on a cash and debt-free basis amounts to USD 22 million resulting in a book profit in the fourth quarter of about USD 9 million. This book profit will be reported under ‘Discontinued operations, net of tax’. Wessanen also will report a net cumulative exchange loss deferred in equity of approximately €1.5 million in the fourth quarter.
The intention to divest PANOS was previously announced and is fully in line with Wessanen’s strategy to focus on organic food in Europe. PANOS manages a unique and defined portfolio of natural and specialty food and beverage brands like KA-ME, Sesmark, Soy Kaas and Amore in the USA and Canada. The company realised last-twelve-months revenue (ending 30 September) of USD 32.6 million and an operating result of USD 3.3 million.
