UK – 2 Sisters Food Group has agreed to sell its Manton Wood sandwich business to Samworth Brothers for an undisclosed sum to enable it focus on key operations.
Samworth Brothers is a Leicester based food manufacturer, the owner of Cornish pasty maker Ginsters and the largest maker of certified Melton Mowbray pork pies.
According to 2 Sisters, the transaction is expected to be completed in the next few months, subject to regulatory approval.
“As a group we are following through with our promises and focusing on our key strengths.
“This deal ensures Manton Wood is sold to a good new home that will enable it to continue to flourish and thrive.
“Any sale we make has to be at the right time, with the right buyer, and it has to be a deal that fits with our long-term strategy.
This deal does just that,” said Ranjit Singh, president of Boparan Holdings Ltd, the parent organisation of 2 Sisters Group.
The company said the divestment was synonymous to transforming its business which has seen major sale offs and at the same time significant investments.
This transaction is a significant deal and marks another positive step forward in the transformation of our business.
“It further strengthens our balance sheet, with a combined total of more than £350m (US$400 million) in cash proceeds from the three disposals we have made in the past six months,” he said.
In August, the company’s new CEO Ronald Kers set out new plans of transformation and organisational changes at the firm.
Ronald’s ‘Framework for Success’ strategy include formation of a transformation team; an acceleration of the turnaround of all poultry operations in the UK & Europe and the merger of its UK Poultry and Added Value divisions.
The company had in July said it had reached an agreement to sell its Red Meat UK business and assets to Kepak Group, one of Europe’s leading food innovators in processing and marketing meat proteins.
This year, 2 Sisters has been making calculated moves in its businesses, having invested US$9.11 million in a new meals factory in Carlisle.
It also announced a major investment into its Scottish Coupar Angus plant following funding from Food Processing Marketing and Co-operation.