Ready-meals business What’s Cooking? has received notice of takeover interest from Malaga Investment SCSp.
The Belgium-based manufacturer sent out the advisory today (27 February) alongside the publication of its annual results, noting the “unconditional” bid “relates to all shares of What’s Cooking Group NV that are not already held by the bidder or persons affiliated with it”.
What’s Cooking? said the announcement had come from the Belgian Financial Services and Markets Authority, although the FMSA had not responded to Just Food’s request for confirmation at the time of writing.
An SCSp, or Société en Commandite Spéciale, refers to a so-called funding vehicle typically located in Luxembourg. However, this publication has not been able to establish the identity of Malaga Investment SCSp to ask for comment.
What’s Cooking? is a business focused on branded and private-label ready meals following the sale of its savoury cold cuts meat operation last year to German investment group Aurelius.
Previously trading as Ter Beke, the company also expanded in ready meals in 2025 with the acquisition of French peer Sveltic, snapping up the business from the French retail group Les Mousquetaires.
The Belgium company reported a 16.2% increase in turnover today of €468.9m ($553.6m) for the 12 months to 31 December, with organic volumes up 6%.
However, What’s Cooking? had also not responded to questions posed by Just Food, namely whether the company has engaged in talks with Malaga Investment or if it would be interested in the takeover approach.
Headed up by CEO Piet Sanders, What’s Cooking? posted a 22.7% rise in underlying EBITDA last year to €40.4m, while reported EBITDA increased 19.7% to €37.9m.
EBIT climbed 7.2% to €20m and earnings after tax rose 23.5% to €25.4m.
What’s Cooking? said like-for-like growth is expected to be “lower” in the new year than 2026 as it invests in capacity expansion at its plant in Opole, Poland, to add new production lines.
The additional ready-meals capacity is anticipated to come on stream in 2027 and will be funded through the company’s existing financing facilities.
Another metric used by What’s Cooking? – U-EBITDA – is forecast in a range of €38-42m. It climbed 32.9% last year to €40.4m.
Just Food has asked for more details on the Poland investment and the number of manufacturing facilities now operated by What’s Cooking? in the wake of the acquisitions and disposals.
