2SFG sells Matthew Walker Christmas puddings business to Valeo

UK-based food manufacturer 2 Sisters Food Group (2SFG) has completed the sale of its Matthew Walker Christmas puddings business to Valeo Foods Group.

The deal was first announced earlier this month, when Valeo Foods signed a binding agreement to acquire Matthew Walker Christmas puddings business for a consideration of £67m ($81.8m).

Boparan Holdings, the parent company of 2SFG, has a significant UK presence in poultry, chilled and frozen food categories.

Boparan Holdings president Ranjit Singh 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.”

Matthew Walker Christmas is said to be one of the oldest Christmas pudding makers in the world with a significant market presence in the puddings segment.

The Christmas pudding range of the business includes Catering Christmas puddings, Classic Christmas puddings, Luxury Christmas puddings, Gluten Free Christmas puddings, as well as Alcohol and Nut Free Christmas puddings.

Boparan Holdings CEO Ronald Kers said: “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.”

For this deal, 2SFG was advised by Stamford Partners and Squire Patton Boggs, with EY providing diligence support.