Premier Foods Completes £93 Million Disposal
Premier Foods has completed the sale of its sweet pickles and table sauces business to Mizkan of Japan for a cash consideration of £92.5 million, subject to a post-completion inventory adjustment.
The deal was first announced last October. The disposal of the sweet pickles and table sauces business includes Branston sweet pickle, ketchup, relish, salad cream and mayonnaise, together with the company’s Bury St Edmunds factory in Suffolk.
For the financial year ended 31 December 2011, sales of the sweet pickles and table sauces business were £66.0 million, of which 54% were branded sales. EBITDA for the year ended 31 December 2011 was £11.7 million and trading profit was £8.5 million.
Mizkan is one of the leading vinegar manufacturers in the world with operations in Japan, the US, the UK and other Asian countries. It has a stable of well-known international brands under the ‘mizkan’ umbrella brand and is a leader in the liquid condiment category.
