Wessanen sells PANOS Brands

Royal Wessanen nv announces that it 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.
101220_Wessanen_sells_PANOS.pdf (63 Kb)

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