Manufacturer 2 Sisters Food Group has announced that its European poultry business will be sold to the Boparan Private Office (BPO) for around €200 million.
The European poultry business, known as 2 Sisters Storteboom, will sit alongside brands such as Bernard Matthews and Banham Poultry in the BPO.
The company said both Boparan Holdings Limited (BHL) and the BPO would benefit as it creates a “stronger, more agile” group of businesses and “provides a platform for an unprecedented level of internal investment”.
The sale was also said to “strengthen BHL’s 2 Sisters Food Group’s balance sheet”, allowing it to reduce debt levels to the “lowest point in over a decade”, and it will reportedly “activate radical plans” for its investment programme.
The manufacturer said that the European poultry business, under the BPO, will have a “dedicated regional focus” on its European markets, which it said would “unlock undoubted growth opportunities” through a “focus on quality, animal welfare and sustainability”.
Boparan commented: “This is a significant and transformational deal and unlocks many opportunities for the future, so we are very pleased to announce an agreement has been reached. All my companies will benefit as it creates a stronger, more agile group of businesses and provides a platform for an unprecedented level of internal investment.
“As well as strengthening BHL, it gives the European poultry business, under the BPO, a dedicated regional focus on its European markets, unlocking undoubted growth opportunities through a focus on quality, animal welfare and sustainability.”
According to 2 Sisters Food Group, the deal is subject to Polish anti-trust approval, with an anticipated completion date later in September 2024.
