Exponent acquires Premier Foods division
Exponent Private Equity and Intermediate Capital Group Plc. have acquired the meat-free business of Premier Foods Plc. for an aggregate consideration of £205m.
The meat-free division manufactures and sells products under the Quorn and Cauldron brands and reported sales of £128.8m and EBITDA of £19.3m in 2010. The sale allows Premier Foods to reduce its debt, which was £1.37m at 26 June 2010.
Premier Foods was floated on the London Stock Exchange in 2004. Warburg Pincus acquired a 15.71% stake in Premier Foods in March 2009 for a total consideration of £99m.
The unquote" team is currently researching this transaction. In-depth deal information for subscribers will follow shortly.
If you have any information regarding this transaction, please contact Viktor Lundvall on +44 20 7004 7476 or viktor.lundvall@incisivemedia.com
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