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Premier Foods Sells Meat-Free Unit
British food producer Premier Foods has announced the sale of its meat-free business unit to Exponent Private Equity for £205m ($326.8m).
The unit, which includes the Quorn and Cauldron brands, is expected to return sales of £128m with an EBITDA of £19.3m in 2010.
Premier Foods aims to use the finances to pay off its existing £1.37bn debt.
Quorn makes meat substitutes from mycoprotein while Cauldron sells tofu, falafel and vegetarian sausages.
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