Northern Foods has reportedly hired investment banking firm Stamford Partners, which specialises in the European food and drink industry and whose clients include Sara Lee and Unilever, to sell the remainder of its non-core businesses.
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According to the Daily Telegraph, the bank has been appointed to sell three businesses, including Park Cakes, Pork Farm Pies and Bowyers, which have a combined turnover of around GBP300m (US$552m).
It is part of a wider disposal programme to improve operating profit margins, following investment bank NM Rothschild’s strategic review of the food company.
Earlier in the month, KPMG Corporate Finance was appointed to sell off the company’s speciality breads division and Smiths flour-milling division, reported the newspaper. Meanwhile, Ernst and Young are purportedly close to selling the group’s logistics and distribution business NFT to private equity firm Phoenix Equity Partners.
A Northern Foods spokesperson told just-food: “The process is ongoing but there is nothing more to add.”
