Ferrero acquires part of Fox’s Biscuits
2 Sisters Food Group has announced that part of Fox’s biscuits will be sold to a Ferrero-related company.
Part of Fox’s Biscuits has been sold to a Ferrero-related company for £246 million – acquiring Fox’s manufacturing sites at Batley and Kirkham in the process.
The sites primarily produce biscuits sold under the Fox’s brand. However, 2 Sisters will keep the third site at Uttoxeter, which produces own-label biscuits for major retailers.
Fox’s Biscuits is one of Britain’s heritage biscuit brands, responsible for the creation of household names such as Rocky Bars, Party Rings, Crunch Creams, Crinkle Creams, Chocolatey and Viennese, as well as making own-label biscuits and selection boxes for major retail outlets.
Ferrero Group is the world’s third largest chocolate and confectionery business which has diversified into new sectors as it expands its global portfolio, while Ferrero and its related company represents now the second player in worldwide sweet biscuits market.
The purchase of Fox’s will be the second European biscuit acquisition within 12 months by a Ferrero-related Company.
Ranjit Singh, President of Boparan Holdings Ltd, said: “Fox’s Biscuits has always been an attractive brand and as one of only two major independent biscuit makers in the UK, it is a prized asset in this market.
“We have listened to many interested parties over the years, but we have always been clear that Fox’s would only be sold to the right new home, at the right time and for the right value. This sale represents another significant deal for us, underlining our commitment to our business turnaround.
“It strengthens our balance sheet even further and shows we are following through with our promises to focus on our key strengths. I wish all colleagues at the two Fox’s Biscuits sites every future success with an ambitious new owner.”
The formal completion of the sale is expected 31 October 2020.
Rothschild & Co acted as sole financial adviser to 2 Sisters on the disposal.