BOPARAN HOLDINGS, owned by Ranjit Boparan, has agreed to sell part of its Fox’s Biscuits business to CTH, a Belgian holding company related to Ferrero Group, for £246 million.
Following the deal, CTH will acquire Fox’s biscuit manufacturing sites at Batley and Kirkham, where Fox’s brand biscuits are produced, from Northern Food Grocery Group Limited (NFGG), a subsidiary of Boparan Holdings.
“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,” commented Ranjit Singh, president of Boparan Holdings.
NFGG will retain the third site at Uttoxeter which produces own-label biscuits for major retailers.
The Fox’s deal is the second European biscuit acquisition within 12 months by CTH, which purchased Danish firm Kelsen Group last year.
With Belgian brand Biscuits Delacre, which it acquired in 2016, also in the kitty, CTH hopes to increase its relevance in the rich and fine biscuits category in Europe, as Ferrero and CTH now represent the second player in worldwide sweet biscuits market.
The business being sold generated sales of approximately £157 million during the last 12 months.
Boparan Holdings was founded in 1993 and has more than 25 years’ experience in the food industry. Notable acquisitions of the firm include Northern Foods and Brookes Avana in 2011.
Ranjit and wife Baljinder Boparan are the sole shareholders of Boparan Holdings, the holding company for 2 Sisters Food Group.
Most recently, Boparan Restaurant Group has rescued restaurant chain Gourmet Burger Kitchen(GBK) which has been in trouble since November 2018 when it entered a Company Voluntary Arrangement.