What’s Cooking Group reaches agreement to sell savoury business to Aurelius
What’s Cooking Group, a leading European fresh food company, announced an agreement with global investment firm Aurelius to sell its Savoury Business Unit (SBU), which produces and sells savoury products in Belgium, the Netherlands, the UK, and Germany.
The deal is part of What’s Cooking’s strategic plan to maximize shareholder value, initiated earlier this year.
The agreement follows preliminary discussions about the sale of 100 percent of the shares in What’s Cooking Savoury Belgium NV and its subsidiaries. The Savoury unit contributed 464 million euro of What’s Cooking?’s total consolidated revenue of 832 million euro in 2023.
The sale process, structured by Aurelius, is expected to ensure a smooth transition for the Savoury business and its employees. The sale remains subject to regulatory approval, employee consultation, and other conditions, with completion expected by the end of 2024 or early 2025. What’s Cooking? anticipates a net equity value of approximately 100 million euros after transaction costs.
Piet Sanders, CEO of What’s Cooking, expressed confidence that Aurelius’s expertise in carve-outs will help the Savoury business thrive under new ownership, allowing What’s Cooking to focus on accelerating the growth of its Prepared Meals unit.
Aurelius Managing Director Andrzej Cebrat highlighted the acquisition as a key addition to the firm’s strategy in Belgium and the Netherlands, reinforcing its regional presence and expertise in managing carve-outs.
What’s Cooking Group was supported by the transaction by ING.
