US food company Campbell Soup Tuesday announced the sale of its European simple meals business to CVC Capital Partners for 400 million euros ($542 million).
Under the deal, CVC, a private equity firm, will acquire Campbell's lines of soups, sauces and simple meals in France, Sweden, Germany and Belgium, including the brands Erasco, Liebig and Royco.
The deal also includes four plants in the four countries.
The transaction comes as Campbell revamps its portfolio to focus on "building the brands we believe we can grow around the world," said Campbell chief executive officer Denise Morrison.
That effort includes expanding Campbell's businesses in "faster-growing geographies and categories," Morrison said.
The agreement does not include Campbell's Kelsen Group, which operates in Denmark and exports throughout Europe and the world.
Campbell will also continue to export Pepperidge Farm products in Europe and Campbell's goods in the United Kingdom, Middle East and Africa.
The Campbell businesses affected by the transaction generate annual net sales of $530 million and employ around 1,300 people.
The deal is being evaluated by European competition authorities and is expected to close in the fourth quarter of 2013.