CZECH: Bakkavor offloads ready meals business
Bakkavor has sold its Czech ready meals unit Heli Food Fresh as the UK-based own-label group looks to focus on markets that offer it the best chance for growth.
Heli Food Fresh, which makes chilled and pasteurised ready meals for retailers in central Europe, has been offloaded to local investment vehicle Yazico Investments and Axentia Financial Consultants. Financial details were not disclosed.
Bakkavor said all staff would transfer with the business. It added the deal was "not deemed to be a material disposal" for the company.
"This sale is another important step for the group as part of our strategy to focus on the markets which offer us the best opportunities for growth," Bakkavor CEO Agust Gudmundsson said.
In May, Bakkavor closed its plant in Canada just two years after the opening of the site marked the firm's entry into the country's grocery market.
A month earlier, Bakkavor officially opened a food processing factory and farm in China.
Yazico Investments and Axentia Financial Consultants are two entities based in Cyprus.
They were both shareholders in Czech confectioner Candy Plus, which was sold to Finnish food group Raisio last November.
According to LinkedIn, the former MD of Czech confectioner Candy Plus, Keith Dilworth, is a Yazico Investments director.
- Danone's Q1: four things to learn
- Column: Why snacking is the new meal
- Who will buy Danone's Stonyfield business?
- Nestle Q1 update: four things to learn
- Interview: Sir Kensington's on sale to Unilever
- Tyson shops Sara Lee bakery, Kettle and Van's
- Nestle to cut UK confectionery jobs
- Tyson to buy burger-to-entree firm AdvancePierre
- PepsiCo affirms full-year target as Q1 hits mark
- Icelandic to sell Saucy Fish Co. owner Seachill