Spain's GBfoods, part of the family-owned Agrolimen group, has entered into exclusive final negotiations with private equity firm CVC to buy Continental Foods, the companies said on Thursday.
GBfoods said it made a 'firm offer' for the European packaged soup and sauce maker which CVC bought from Campbell Soup in 2013.
The business, home to brands like Liebig in France and Erasco in Germany, has turnover of around €400 million ($447 million) and more than 1,000 employees, the companies said.
Reuters reported last month that CVC was in talks to sell the business in a deal that could be worth around €1 billion, and said Agrolimen was the frontrunner.
GBfoods was advised by AZ Capital, PWC, and Clifford Chance, while CVC was advised by UBS, ING and Cleary Gottlieb Steen & Hamilton LLP.
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