Wed, 07 Oct 2020 | BUSINESS SALE
2 Sisters Food Group has announced that it has sold part of Fox’s Biscuits to a “Ferrero-related company” in a £246 million deal.
The group that said it had sold its Batley and Kirkham factories, which primarily make biscuits that are sold under the Fox’s brand. 2 Sisters will retain a third factory at Uttoxeter, which manufacturers own-label biscuits for some major retailers. The sale is expected to complete on October 31st 2020.
Fox’s Biscuits is well-known in the UK marketplace, producing biscuits including Rocky Bars, Party Rings and Crunch Creams, among others, as well as selection boxes and own-label biscuits for retailers.
Italy-based Ferrero Group, which claims to be the world’s third largest chocolate and confectionary company, has been expanding its global portfolio by diversifying into new sectors. The acquisition of the Fox’s assets will be its second recent European acquisition after an affiliated company bought Denmark-based snack maker Kelsen last year.
Ranjit Singh, President of 2 Sisters parent company Boparan Holdings Ltd, said: "Fox’s Biscuits has always been an attractive brand and as one of only two major independent biscuit makers in the UK, it is a prized asset in this market.”
"We have listened to many interested parties over the years, but we have always been clear that Fox’s would only be sold to the right new home, at the right time and for the right value. This sale represents another significant deal for us, underlining our commitment to our business turnaround.”
"It strengthens our balance sheet even further and shows we are following through with our promises to focus on our key strengths. I wish all colleagues at the two Fox’s Biscuits sites every future success with an ambitious new owner."
Boparan Holdings CEO Ronald Kers commented: "This sale is in line with our strategy and is further good news as we build on two years of strong turnaround momentum and continue to focus on our core business. It strengthens our liquidity position and reduces our leverage ahead of our planned refinance of the business.”
"We believe the sale to Ferrero is not only beneficial for 2 Sisters Food Group, but it means a positive future for the Fox’s brand with an owner who has a compatible culture and a global reputation for high-quality branded chocolate and biscuit products."
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