Ranjit Singh Boparan sells European poultry assets for over US$220M

EUROPE – Ranjit Singh Boparan has finalized the sale of European poultry operations, previously held under his family-owned 2 Sisters Food Group, to his private investment entity, Boparan Private Office. 

According to a statement from 2 Sisters Food Group, the transaction, valued at more than €200 million (US$221.2 million), involves the transfer of these assets from Boparan Holdings, the parent company of 2 Sisters, to the Boparan Private Office.

The assets in question, known as 2 Sisters Storteboom, employ over 2,700 individuals. 

The company stated that this “arms-length” deal is intended to enhance its financial stability by reducing net debt to the lowest level observed in over a decade. 

This strategic move comes at a crucial time, as Boparan Holdings’ current bond financing arrangements are set to expire within the next year. 

The sale is expected to provide the company with greater flexibility when it comes to refinancing options as it approaches upcoming corporate funding discussions.

In a related financial update, Bernard Matthews, another business under Boparan Holdings, reported revenue of £284.8 million (US$361.1M) for the year ending 1 January 2023, an increase from £270.8 million (US$355M) in the previous year. 

Although the company still faced challenges, with operating losses reduced to £9.6 million (US$12.5M) from £25 million (US$32M), and a net loss of £7.9 million (US$9.4M).

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