In a strategic move, Belgian food manufacturer What’s Cooking? has divested its cold cuts business unit, Savoury, to German investment group Aurelius.
The company disclosed that the transaction price was approximately €100m ($101.94m).
What’s Cooking? CEO Piet Sanders emphasized that this deal aligns with the company’s goal to “accelerate the organic growth” of its ready meals business, encompassing both proprietary brands and private-label products.
This strategic focus on the ready meals category was further underscored last week when What’s Cooking? announced plans to acquire the French company Sveltic from retail group Les Mousquetaires for an estimated €35m.
The strategy to dispose of Savoury came to light in March last year when What’s Cooking? initiated a process to assess the sale of this business division, which includes subsidiaries in Belgium, the Netherlands, the UK, and Germany—each involved in the production, slicing, and sale of cold cuts.
In October, the company revealed that it was negotiating with Aurelius regarding a potential transaction for Savoury’s assets.
With the deal finalized, Sanders asserted: “We are confident that the strong fundamentals of SBU Savoury will continue to flourish under the future ownership of Aurelius.”
Aurelius European Opportunities IV managing director Andrzej Cebrat added: “The acquisition of What’s Cooking?’s renowned Savoury business complements our existing strategy and footprint in the region.”
“With both international and local expertise, especially in successfully managing carve-out situations, the Aurelius Operations Advisory team will support Savoury management and the business on its new growth path.”
In the financial year 2023, Savoury SBU contributed €464m to What’s Cooking?’s total turnover of €832m.
What’s Cooking?’s impending acquisition of Sveltic, which operates a production facility near Rennes, is projected to generate a turnover of €50m from its frozen and chilled ready meals portfolio.
The acquisition of Sveltic is expected to be finalized in the first half of 2025, pending regulatory approvals.
