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DLA Piper and Slaughter and May have advised on debt-laden Premier Foods’ sale of its sweet spreads and jellies business to US buyer Hain Celestial.
The £200m transaction sees the Mr Kipling and Hovis owner sell a range of spreads, including Hartley’s jams and Sun-Pat peanut butter, to organic products company Hain Celestial, which currently owns Linda McCartney’s range of vegetarian food.
Slaughters corporate partner Michael Corbett advised Premier Foods, with legal matters managed by the company’s three-person in-house legal team.
Corporate partner Jon Kenworthy in Sheffield advised Hain Celestial for DLA Piper.
Background to this deal:
This is the third divestment Premier Foods has secured represented by Slaughters since January. The struggling British food maker has sold a number of brands, including chip shop favourite Sarson’s vinegar and meat-free range Quorn, in a bid to slim down debt and focus the business on eight core “power brands” such as Oxo, Mr Kipling and Hovis. Slaughters has advised Premier Foods for over two years, guiding it through the £205m sale of its meat-free business to Exponent Private Equity and Intermediate Capital Group last year.
DLA Piper corporate and finance chair Roger Meltzer serves on Hain Celestial’s board of directors.