The Doux family has agreed a deal to sell French poultry business Groupe Doux to investment fund D&P and Saudi food distributor Almunajem.
D&P, controlled by French businessman Didier Calmels, is set to take a 52.5% stake in Doux, which is looking to exit administration this week after 17 months.
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Under the terms of the deal, Almunajem, which distributes Doux’s products in Saudi Arabia, will own 25% of the business.
The Doux family will retain a 22.5% stake. The agreement is subject to court approval of Doux’s bid to leave administration. A court hearing is scheduled for tomorrow, with a ruling expected by the end of the week.
Doux entered administration last June with debts of EUR430m (US$581.2m). Commodity costs were a key factor in Doux amassing the debts although the company ran up around EUR200m in debts from a failed venture in Brazil.
In its time in administration, Doux has restructured the business, selling off plants and modernising others. It has said it has returned into the black.
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