Belgian food manufacturer What’s Cooking? has sold its cold cuts business unit Savoury to German investment group Aurelius.
The company said that the transaction price was approximately €100m ($101.94m).
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What’s Cooking? CEO Piet Sanders said the deal forms part of the company’s aim to “accelerate the organic growth” of its ready meals business covering both its own brands and private-label products.
Its concentration on this category was reinforced last week when What’s Cooking? announced plans to acquire French company Sveltic from retail group Les Mousquetaires, owner of the Intermarché chain, for an estimated €35m.
The Savoury disposal plan was first made public In March last year when What’s Cooking? announced that it had initiated a process to consider selling the division in Belgium, along with its subsidiaries in the Netherlands, UK, and Germany. All are involved in the production, slicing, and sale of cold cuts.
In October, the company stated that it was negotiating with Aurelius regarding a potential deal for the assets.
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By GlobalDataNow the deal has been done, Sanders said: “We are confident that the strong fundamentals of SBU Savoury will continue to flourish under the future ownership of Aurelius.”
Aurelius European Opportunities IV managing director Andrzej Cebrat said: “The acquisition of What’s Cooking?’s renowned Savoury business complements our existing strategy and footprint in the region.
“With both international and local expertise, especially in smoothly handling carve-out situations, the Aurelius Operations Advisory team will support Savoury management and the business on its new growth path.”
For the 2023 financial year, the Savoury SBU accounted for €464m of What’s Cooking?’s total turnover of €832m.
What’s Cooking?’s new acquisition Sveltic, which has a production facility near Rennes, has a turnover of €50m from its frozen and chilled ready meals portfolio.
What’s Cooking? stated that the acquisition of Sveltic is expected to be finalised in the first half of 2025, pending regulatory approvals.
