2 Sisters Food Group offloads portion of Fox’s Biscuits business for $318m

British food manufacturing company 2 Sisters Food Group (2SFG) has completed the divesture of a portion of its Fox’s Biscuits business to a Ferrero-related company.

The £246m ($318.2m) deal was announced last month.

Under the agreement, the Ferrero-related company acquired manufacturing sites at Batley and Kirkham, which mainly produce biscuits for the Fox brand.

2SFG noted that it will retain the third site at Uttoxeter, which is involved in producing own-label biscuits for major retailers.

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.”

Boparan Holdings is the parent company of 2SFG.

Fox’s Biscuits is said to be one of the major biscuit brands in the UK and manufactures a wide range of products such as Rocky Bars, Party Rings, Crunch Creams, Crinkle Creams, Chocolatey and Viennese.

It also manufactures own-label biscuits and selection boxes for major retail outlets.

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.”

Last October, 2 Sisters Food Group completed the sale of its Matthew Walker Christmas puddings business to Valeo Foods Group for a £67m ($86.6m) consideration.

The Matthew Walker branded Christmas pudding range includes Catering Christmas puddings, Classic Christmas puddings, Luxury Christmas puddings, Gluten Free Christmas puddings, as well as Alcohol and Nut Free Christmas puddings.

In another development, cheese and butter supplier Ornua Foods UK has announced a £3m investment for installing cutting and packing equipment at its Leek facility.