28 October 2019
2 Sisters Food Group can confirm the completion of the sale of its Matthew Walker Christmas puddings business to Valeo Foods Group.
Following our announcement on 10th October that we had entered into a binding contract with Valeo, the deal completed on Saturday 26 October 2019.
The business, based at Heanor, Derbyshire, is credited as the world’s oldest Christmas pudding maker with a strong market position in its sector.
Ranjit Singh, President of Boparan Holdings Ltd, said: “We are pleased this transaction proceeded smoothly and completed as we expected.
“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.”
2 Sisters Food Group were advised by Stamford Partners and Squire Patton Boggs, with EY providing diligence support