2 Sisters Food Group, the largest poultry company in the United Kingdom, entered into a binding contract for the sale of its Matthew Walker Christmas puddings business to Valeo Foods Group for GBP67 million (US$84.8 million).
The business, based at Heanor, Derbyshire, is credited for being the world’s oldest Christmas pudding maker with a strong market position in its sector.
The sale to Valeo Foods Group will add 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 Limited, the parent company of 2 Sisters Food Group, 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, chief executive officer of Boparan Holdings Limited, 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.”
Key to that turnaround plan is placing more focus on poultry operations. In March, Boparan Holdings sold its Green Isle Brands and Donegal frozen foods business. About a month before that, 2 Sisters Food Group sold its Manton Wood sandwich business to Samworth Brothers.
The finalization of the Matthew Walker transaction is subject to customary closing conditions and is expected to be completed in the coming weeks.
2 Sisters Food Group was advised on the Matthew Walker sale by Stamford Partners and Squire Patton Boggs.