Premier Foods said that it had sold its 49% stake in the Hovis Holdings bread-baking joint venture to private equity firm Endless.
The FTSE 250 food manufacturer said that it will receive proceeds of £37m including the repayment of outstanding loan notes and accrued interest.
Hovis, one of the UK’s most prominent brands, was jointly owned by Premier Foods and American company The Gores Group. Sky News reported earlier this week that Endless was nearing a deal for the entire brand.
Premier Foods’ investment in Hovis was fully written down in 2016, the company said.
Source: Private Equity News
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