Spanish food giant Ebro Puleva has sold its stake in Belgium-based rice cake and snack manufacturer Herto NV.
Ebro Puleva’s 66% stake was sold for EUR21m (US$33m), which is equivalent to 7.2 times EBITDA for 2007. The company booked capital gains of EUR6m.
When contacted by just-food Ebro Puleva declined to comment on who the stake was sold to, saying only that it was a “private group”.
Australian company Ricegrowers also holds a 33% stake in Herto.
“The divesture is part of our strategic plan to focus on core activities,” a spokesperson for the company said.
The divestiture coincided with the agreement reached by Ebro Puleva’s French subsidiary Panzani for the sale of its wheat business managed by the company Grands Moulins Laurel.