2 Sisters Food Group is selling its Manton Wood sandwich business to Samworth Brothers as it looks to focus on bolstering its core operations.
Based in the East Midlands, Manton Wood produces a range of retailer chiller sandwiches, wraps and rolls.
Ranjit Singh, President of 2 Sister’s owner Boparan Holdings, said: “This transaction is a significant deal and marks another positive step forward in the transformation of our business.
“It further strengthens our balance sheet, with a combined total of more than £350 million in cash proceeds from the three disposals we have made in the past six months.
“As a Group we are following through with our promises and focusing on our key strengths.
“This deal ensures Manton Wood is sold to a good new home that will enable it to continue to flourish and thrive.
“Any sale we make has to be at the right time, with the right buyer, and it has to be a deal that fits with our long-term strategy. This deal does just that.”
Ronald Kers, CEO of 2 Sisters Food Group, added: “Our transformation is progressing well as we continue to give greater focus on our core, strengthen our management team and improve our operational performance.”
The transaction, while subject to the typical closing conditions and regulatory clearances, is expected to complete in the coming months.