10/10/2019 | News release | Distributed by Public on 10/10/2019 04:24
2 Sisters Food Group can confirm it has entered into a binding contract for the sale of its Matthew Walker Christmas puddings business to Valeo Foods Group for £67m.
The business, based at Heanor, Derbyshire, is credited as the world's oldest Christmas pudding maker with a strong market position in its sector.
The sale to Valeo Foods Group adds another name to the Dublin-based company's portfolio of 68 international food brands, which includes Jacobs, Rowse and Balconi.
Ranjit Singh, President of Boparan Holdings Ltd, said: 'After making our intentions known earlier this year, we are pleased to announce this sale today.
'It is another significant deal, with good enterprise value, underlining our commitment to transforming our business.
'It strengthens our balance sheet even further and shows we are following through with our promises by focusing on our key strengths.
'I wish all colleagues at Matthew Walker every future success with a good new owner.'
Ronald Kers, CEO of Boparan Holdings Ltd, added: 'This sale is further good news as we continue at pace with our turnaround plan. We remain very much on track to meet our strategic aims of focusing on our core businesses and improving our operational performance.'
The finalisation of the transaction is subject to customary closing conditions and is expected to complete in the coming weeks.
2 Sisters Food Group were advised by Stamford Partners and Squire Patton Boggs.