Fri, 22 Jun 2012 | DIVISION SALE
Efforts to sell Premier Foods’ Hartley’s jams continue as part of its plan to reduce its bank loans totalling £1.4 billion.
US natural and organic food group Hain Celestial is in the lead position for the purchase. Its bid is thought to be around £200 million – a figure that still falls short of Premier’s expectations.
Additional assets may need to be sold off to meet its pledge to banks to generate £330 million from asset disposals by June 2014.
The Financial Times reported that Premier’s powdered foods arm, which includes Bird’s custard, Angel Delight, and Elephant Atta, which processes flour for chapati bread products, is also for sale. It is understood the business will raise between £50 million and £70 million in a sale.
Hartley’s jams is understood to have about six bidders, who are mostly private equity. First-round bids sitting between £160 million and £180 million were considered to be too low by Premier. Bidders may, therefore, have to go through another bidding stage.
Premier Foods sold its pickles business last week to Japanese vinegar producer Mizkan for £41 million.
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