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Premier Foods sells Hovis to private equity firm in multi-million deal
StockMarketWire.com
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Premier Foods has sold its stake in bread-maker Hovis to private equity firm Endless in a £37 million deal, which it said would strengthen the group's financial position as it continues to improve its leverage profile.
Alongside its joint venture partner, the Gores Group, the group has held a 49% minority interest in Hovis since April 2014. Under Gores and Premier Foods' ownership, Hovis has undergone major supply chain restructuring.
Hovis, which now focuses on bread baking following the disposal of its milling business, is commercially well-positioned to grow under new ownership, according to the statement from Premier Foods.
The transaction closed and completed late on November 5, and the £37 million includes the repayment of outstanding loan notes and accrued interest.
At 8:04am: (LON:PFD) Premier Foods PLC share price was +1.4p at 105p
Story provided by StockMarketWire.com
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