Campbell's sells Godiva to Yildiz Holding of Turkey

Campbell's (NYSE: CPB) has reached a deal to sell Godiva to Turkey's Yildiz Holding for $850 million, about 15 times EBITDA.

This marks the end of a more than 40-year run for Godiva as a subsidiary of Campbell's. During that time, the chocolatier has grown to more than 270 retail locations around the world. Campbell's sought to divest the brand as part of an effort to focus on its core brands, including Campbell's, Pepperidge Farms, and V8. Godiva is different from these brands in that it's higher end and generally distributed more through specialty stores, rather than mass market grocers.

In a press release announcing the deal, Campbell's CEO Douglas Conant said that, "We are very pleased with the value we obtained for Godiva. The sale price reflects the strength of the Godiva business. Godiva is one of the world's leading premium chocolate businesses and is an excellent strategic fit within Ulker's portfolio. The agreement allows Ulker to expand and diversify its portfolio with an elite, global luxury brand and enables Campbell to sharpen our strategic focus on simple meals, anchored by soup, baked snacks, and vegetable-based beverages..."

It's interesting that a Turkish firm emerged as the high-bidder, perhaps further evidence that American companies are not in acquisition mode in the current market.