On 10th October, our client 2 Sisters Food Group reached an agreement for the sale of its Matthew Walker Christmas puddings business to Valeo Foods Group, an Irish producer of branded grocery products backed by CapVest.
Based at Heanor, Derbyshire, Matthew Walker is the world’s oldest Christmas pudding maker with 120 years’ heritage. The business’s highly experienced team, unique capabilities and track record of innovation in producing high quality, steamed puddings and sponges underpin a market leading position, with sales to all major UK grocers, discounters and luxury retailers, as well as a growing list of foodservice and export customers. The sale to Valeo Foods Group adds a prestigious and highly profitable name to the Dublin-based company’s portfolio of UK and European ambient food brands.
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.”
Ian Ainsworth, managing director of Valeo Foods UK, said: “The strength of Matthew Walker’s market leadership combined with the strong consumer demand for its high-quality products make the business and its brands a great addition to our existing Valeo UK growth platform to sit alongside our wider portfolio of products including our very successful Rowse Honey brand. We look forward to welcoming and working with our new colleagues in Matthew Walker as we pursue our ambitious growth plans for the business.”
The finalisation of the transaction is subject to customary closing conditions and is expected to complete in the coming weeks.
Stamford Partners acted as sole financial adviser to 2 Sisters Food Group on the sale process.