CTH Invest, a Belgian holding company associated with Ferrero, has entered into an agreement to acquire part of Fox’s biscuit business from 2 Sister Food group for £246 million ($328 million), according to a FoodBev report.
Fox’s Biscuits owns brands such as Rocky Bars, Party Rings, Crunch Creams, and also manufactures for private label companies.
As part of the deal, CTH Invest will acquire Fox’s manufacturing facilities at Batley and Kirkham in the UK, while a third facility will remain under 2 Sister’s ownership.
According to sources, this is the second European biscuit business acquired within 12 months by a Ferrero-related company.
Ranjit Singh, president of 2 Sisters parent company Boparan Holdings said: “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”.