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Owner of 2 Sisters Food Group, Ranjit Singh Boparan, has sold his European poultry operation, Boparan Holdings (BHL) to his private investment vehicle Boparan Private Office (BPO).

BHL, which was held by Boparan’s family-owned 2 Sisters Food Group and currently trades as 2 Sisters Storteboom, will join the Bernard Matthews, Banham Poultry and Elkes Biscuits brands in the BPO.

2 Sisters Storteboom employs more than 2,700 people and supplies a range of chicken products, with nine processing facilities across the Netherlands and Poland.

The sale, which is worth in excess of €200 million, is expected to ‘unlock future opportunities,’ benefiting both BHL and the BPO as it creates a ‘stronger, more agile’ group of businesses and provides a platform for internal investment.

In a statement issued by 2 Sisters, the company said the deal would ‘strengthen’ its balance sheet and allow it to cut its net debt ‘to the lowest point in over a decade,’ while also marking the beginning of its investment programme.

UK businessman Boparan said: “As well as strengthening BHL, it gives the European poultry business, under the BPO, a dedicated regional focus on its European markets, unlocking undoubted growth opportunities through a focus on quality, animal welfare and sustainability”.

Boporan explained that the deal will “give the business options for refinancing when the time comes to address corporate funding in the coming months”.

The deal is subject to Polish anti-trust approval and is expected to be finalised later this month.

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