Valeo Foods to acquire Matthew Walker Christmas puddings business

Valeo Foods Group has signed a binding agreement to acquire Matthew Walker Christmas puddings business from 2 Sisters Food Group for £67m ($81.8m).

Based in Heanor of Derbyshire, Matthew Walker Christmas is claimed to be the world’s oldest Christmas pudding maker with a significant market presence in the puddings segment.

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.

2 Sisters Food Group, held by its parent Boparan Holdings, has a significant UK presence in poultry, chilled and frozen food categories.

The firm supplies products to retail and foodservice customers, including Aldi, Asda, Co-op, KFC, Lidl, Marks & Spencer, Morrison’s, Sainsbury’s, Tesco and Waitrose.

Boparan Holdings president Ranjit Singh said: “After making our intentions known earlier this year, we are pleased to announce this sale. It is another significant deal, with good enterprise value, underlining our commitment to transforming our business. It strengthens our balance sheet even further and shows we are following through with our promises by focusing on our key strengths.”

Subject to customary closing conditions, the deal is expected to be completed in the coming weeks.

Stamford Partners and Squire Patton Boggs advised 2 Sisters Food Group on the deal.

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.”

Dublin-based Valeo Foods Group has 68 international food brands, including Jacobs, Rowse and Balconi

In September, Valeo Foods agreed to acquire Campbell Soup’s European Chips business for a consideration of nearly £66m ($80m).

Under this deal, Valeo Foods agreed to acquire UK-based Kettle Foods and Netherlands-based Yellow Chips.

Kettle Foods produces hand-cooked crisps, popcorn, rice snacks and vegetable-based chips. It offers its products under brands such as KETTLE Chips and Metcalfe’s skinny popcorn.