In a period marked by bold moves and decisive strategy, What’s Cooking Group has reshaped its business with two major transactions that signal a clear shift in direction. The sale of its long-standing savoury (charcuterie) division and the acquisition of French ready-meal producer Sveltic mark the company’s exit from a consolidating and challenging meat market in favor of a high-potential growth segment: ready meals.
Yves Regniers, Chief Financial Officer of What’s Cooking Group comments: “The first transaction involved the sale of our charcuterie business. We initially improved profitability and grew our share in a volume-wise declining market that is still growing in value terms, but ultimately we asked ourselves: ‘are we best positioned to take the business to the next level?’ The answer led us to change course.”
That change came in the form of a 100 million euros carve-out, in which What’s Cooking agreed to sell its savoury business unit to global investment firm Aurelius. The deal covers operations in Belgium, the Netherlands, the UK, and Germany, and represents more than half the company’s 2023 revenue. According to Regniers, the move was not just about streamlining operations – it was about focus: “Trying to run both charcuterie and ready meals at the same time would likely have led to suboptimal outcomes. That’s why we chose to sell and concentrate on where we see growth.”
In parallel, the company closed on a 29 million euros acquisition of Sveltic, a French fresh and frozen ready-meal producer with a strong presence in Southern Europe. The acquisition strengthens What’s Cooking’s European footprint and complements its product range. “Sveltic brings incredible added value. It expands our portfolio in both retail and food service, especially in Southern Europe”, Regniers says.
With a new production facility under construction in Poland and integration of Sveltic already underway, What’s Cooking is now fully aligned behind a single, scalable growth platform. “We’re next to retail also doubling down on supplying ready meals to restaurants, pubs, bars, and caterers – so broadly speaking, the hospitality sector”, Regniers concludes. “This is a focused strategy, not just for growth – but for resilience and long-term value.”
‘Finding the right home for the business and its employees’
While a huge carve-out, like the sale of What’s Cooking’s Savoury Business Unit, might signal complexity and disruption, CFO Yves Regniers emphasizes that the process was remarkably smooth, thanks to years of preparation and internal clarity. “It’s not every day that a consumer goods company divests more than half its revenue”, Regniers says. “But we’ve always had very clear segment reporting, and legally, the businesses were already separate.”
The decision to sell was deeply rooted in the company’s strategic reassessment. As What’s Cooking sought to focus its growth on the more dynamic Ready Meals segment, selling the more mature and also competitive savoury business became a logical step. Aurelius emerged as the preferred buyer not just for financial reasons, but because of its track record in carve-outs and commitment to acquiring all parts of the Savoury business both in Belgium and The Netherlands. “It wasn’t just about getting the highest price”, Regniers explains. “It was about finding the right home for the business and its employees, minimizing complexity, and ensuring future growth.”
“It wasn’t just about getting the highest price. It was about finding the right home for the business and its employees, minimizing complexity, and ensuring future growth.”
While the legal separation of entities was straightforward, the shared services – particularly IT – posed the most significant operational challenge. Still, the transition moved ahead without major disruption. “Of course there were shared central services”, Regniers notes, “but we have a professional team, so we managed the carve-out quickly and properly. People moved with the business according to where they contributed most. That clarity helped enormously.” The only remaining hurdle is IT separation, which continues into 2025.
Interestingly, the company carried out this high-stakes carve-out with limited external support. “We didn’t rely heavily on consultants”, says Regniers. “Our people know the business best, and they were involved at just the right moments – not too early, not too late.”
Even with the emotional weight of parting with the company’s foundational charcuterie business, the board and shareholders – many of whom are family stakeholders – focused on what was best for both business units. “It’s always hard to let go of where it all began”, Regniers acknowledges. “But the decision was made with care, discipline, and a long-term view.”
Yves Regniers, CFO of What's Cooking Group, recently joined a panel discussion on carve-outs at the M&A Summit 2025.
‘Ready Meals was already our most profitable division’
As What's Cooking Group shifts its focus squarely onto the Ready Meals segment, CFO Yves Regniers sees strong momentum and untapped potential in this growing market. “There’s still strong growth, especially in Eastern Europe”, he explains. “Consumers are traveling more and becoming more adventurous with food, but not everyone has the time or skills to recreate those meals at home.”
The appeal lies in high-quality, ready-to-heat meals that taste homemade but are convenient and reliable. From scratch-made pasta to globally inspired dishes, What’s Cooking positions itself as a provider of freshness and authenticity – without compromise.
The trend is not limited to retail. In food service, where labor shortages and consistency are major pain points, What’s Cooking offers professionally prepared meals that are easy to heat and serve. “Restaurants often struggle with staffing and consistent quality”, says Regniers. “We help solve that by delivering products that meet high standards, no matter who’s in the kitchen.”
Financially, the shift makes sense too. “Ready Meals was already our most profitable division”, he notes. “Of course, the market is competitive, but if we stay efficient across the value chain, we’re well-positioned to succeed.”
“Ready Meals was already our most profitable division. Of course, the market is competitive, but if we stay efficient across the value chain, we’re well-positioned to succeed.”
‘Combining the best of both worlds’
The recent acquisition of Sveltic, a French producer of fresh and frozen ready meals, marks a significant step in What’s Cooking Group’s strategic growth agenda. Though the process began competitively, the Belgian food company quickly entered exclusive negotiations, recognizing a strong strategic fit. “We did our homework thoroughly”, says CFO Yves Regniers.
“Sveltic primarily supplies Intermarché, but it brings incredible added value for us. It broadens our portfolio in both retail and food service, especially in Southern Europe, and positions us to grow with our existing customers.” A small team led the M&A negotiations and is now overseeing the integration phase, with a dedicated manager coordinating efforts to blend operational strengths from both sides. “They do some things differently, and we want to combine the best of both worlds.”
Integration is expected to be smooth, given Sveltic’s relatively centralized structure under its previous owner, Intermarché. What’s Cooking will take over key functions such as finance and purchasing while preserving the customer relationships that make Sveltic valuable.
“The biggest synergy will come from expanding sales across our combined retail and food service channels”, Regniers explains. “Cost synergies are not the main driver here, though purchasing gains would be a bonus.” Cultural alignment also looks promising, aided by What’s Cooking’s existing presence in France and experience working with French-speaking teams. “Sveltic moves from being a peripheral part of a retail group to becoming a core part of a food company”, says Regniers. “That’s a positive shift – they’ll be closer to the heart of the business, and that sense of purpose matters.”
‘We’re now a ‘Europe for Europe’ company’
As What’s Cooking Group turns a new page in its evolution, the focus is firmly on driving sustainable, organic growth – especially in the Ready Meals segment, now the company’s core. “We’re building a second plant in Poland, which is a key focus area for us”, says CFO Yves Regniers. “The integration and expansion of Sveltic will also support our organic growth. It’s not just about expanding for the sake of it – we’re selective, and any acquisition must fit within our strategic framework.” While M&A remains on the radar, it’s clear the company favors purpose-driven moves that align with its long-term vision.
Looking ahead, What’s Cooking remains committed to Europe as its primary market. “Europe and its borders are where we’re growing”, Regniers notes. “If the right opportunity comes up beyond that, and if it creates real added value – where one plus one equals three – we’d certainly look at it. But we’ve made clear strategic choices, particularly around sustainability, and we want to stick to those to maintain cohesion across the group.” That deliberate focus has helped the company maintain resilience in an uncertain global landscape.
Despite ongoing geopolitical shifts and economic volatility, What’s Cooking’s European-centric model offers stability. “We’re a ‘Europe for Europe’ company”, Regniers says. “We source and sell within Europe, so global events like the war in Ukraine mainly affect us through raw material pricing rather than direct exposure. That local focus is a strength, especially as the continent emphasizes greater self-sufficiency.”
“We’re a ‘Europe for Europe’ company. That local focus is a strength, especially as the continent emphasizes greater self-sufficiency.”
Reflecting on the carve-out of the Savoury business and the acquisition of Sveltic, Regniers points to the people behind the process as the real differentiator. “The biggest lesson? The importance of having a strong team”, he says. “You need people who can execute and collaborate well. And timing bringing in the right experts at the right moments is just as crucial.”
As the integration of Sveltic progresses and construction continues in Poland, Regniers remains hands-on. “Being on-site is essential”, he concludes. “It’s how you understand what’s really happening, how you build trust and that’s how you build a company that lasts.”
