A historic Derbyshire Christmas pudding maker which is thought to be the oldest in the world has been sold in a deal worth £67 million.
Valeo Foods Group has entered into a binding contract with 2 Sisters Food Group for the sale of its Matthew Walker Christmas puddings business, which is based in Heanor.
The sale to Valeo Foods Group adds another name to the Dublin-based company’s portfolio of 68 international food brands, which includes Jacobs, Rowse and Balconi.
Matthew Walker was established in 1899. Today, the Heanor factory directly employs around 120 people, according to the 2 Sisters website.
It makes a range of branded and own-label pudding products, seasonal sponges, cakes and free-from dessert products, supplying to retailers such as Marks and Spencer, Harrods, Sainsbury’s and Aldi.
Ian Ainsworth, managing director at Valeo Foods UK, said: “The strength of Matthew Walker’s market leadership combined with the strong consumer demand for its high-quality products make the business and its brands a great addition to our existing Valeo UK growth platform, to sit alongside our wider portfolio of products including our very successful Rowse Honey brand.
“We look forward to welcoming and working with our new colleagues in Matthew Walker as we pursue our ambitious growth plans for the business.”
2 Sisters first announced that Matthew Walker had been put up for sale back in May.
Ranjit Singh, president of Boparan Holdings, which owns 2 Sisters, said: “After making our intentions known earlier this year, we are pleased to announce this sale today.
“It is another significant deal, with good enterprise value, underlining our commitment to transforming our business.
“It strengthens our balance sheet even further and shows we are following through with our promises by focusing on our key strengths.
“I wish all colleagues at Matthew Walker every future success with a good new owner.”
Ronald Kers, chief executive of Boparan Holdings, said: “This sale is further good news as we continue at pace with our turnaround plan.
“We remain very much on track to meet our strategic aims of focusing on our core businesses and improving our operational performance.”
The finalisation of the transaction is subject to customary closing conditions and is expected to complete in the coming weeks.
