2 Sisters Food Group reaches agreement to acquire Brookes Avana
Boparan Holdings, the holding company for 2 Sisters Food Group, today announces it has agreed to acquire the Brookes Avana business from Premier Foods for a cash sum of £30 million.
Brookes Avana is a supplier of high quality chilled convenience products, including Ready Meals, Accompaniments, Chilled Pizza and Pies from facilities based at Rogerstone Park in South Wales and Leicester. Avana is one of the UK’s leading suppliers of high quality bakery, cake and dessert products from three facilities based at Rogerstone.
The acquisition would provide a strong strategic fit and would further strengthen 2 Sisters Food Group’s capabilities in the Chilled and Bakery markets, offering a growth platform and a more diversified range of food products for every eating occasion. Brookes Avana produces for all of the UK’s major retailers.
For the year to 31 December 2010, the Brookes Avana business had a turnover of £203.6 million and made a trading loss of £(0.1) million. All historic pension liabilities will be retained by Premier Foods.
Ranjit Singh, Chief Executive of 2 Sisters Food Group, said: “We are delighted to reach agreement on the acquisition of Brookes Avana. The business has a strong track record in delivering high quality products for its customers and would provide a growth platform for 2 Sisters and increased product diversity to serve every eating occasion.
“This is an excellent strategic fit and, following completion, we will focus on delivering future growth opportunities and enhancing the performance of the business.”
Please go to the Investor Relations section of the corporate website at www.2sfg.com for contact details.