2 Sisters Food Group has announced plans to sell its iconic Matthew Walker Christmas puddings business to Valeo Foods Group for £67 million (€76.3 million).
Established in 1899, the Derbyshire-based company is one of the world’s oldest Christmas pudding makers with a strong market position in the sector.
The acquisition adds another name to the product portfolio of Valeo Foods, which comprises 68 international brands, including Jacobs, Rowse, and Balconi.
President of Boparan Holdings Ltd, Ranjit Singh, said, "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," he added.
The transaction, expected to close in the coming weeks, is subject to customary closing conditions.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.