UK food manufacturer 2 Sisters Food Group, owned by Indian-origin businessman Ranjit Singh Boparan, has announced the sale of its puddings business for 67 million pounds or about USD $84.5 million.
The group founded by Boparan, who is referred to as “chicken king” being among the largest suppliers of poultry in the UK, confirmed on Thursday that it has entered into a binding contract for the sale of its Matthew Walker Christmas puddings business to Valeo Foods Group.
“It is another significant deal, with good enterprise value, underlining our commitment to transforming our business,” said Boparan, President of Boparan Holdings Limited – the holding company of the 2 Sisters Group.
“It strengthens our balance sheet even further and shows we are following through with our promises by focusing on our key strengths,” he said.
Matthew Walker is based at Heanor in Derbyshire and is credited as the world’s oldest Christmas pudding maker, with a strong market position in its sector. Its sale to Valeo Foods Group adds another name to the Dublin-based company’s portfolio of 68 international food brands, which includes some UK household names such as Jacobs and Rowse.
Ronald Kers, CEO of Boparan Holdings, 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 company said the finalisation of the Matthew Walker transaction is subject to customary closing conditions and is expected to complete in the coming weeks. PTI AK