Voyager Foods based in Sunderland has sold its sauces and flavoured butters division to Kerry Ingredients (Europe), part of Kerry Group Plc.
The Group acquired four businesses in total (including Voyager) for a total consideration of EURO 94 million.
Advising Voyager Foods on the disposal were Clearwater Corporate Finance in Manchester who also advised Alan Hawley on the successful Management Buy-In of Voyager in 1995.
Voyager Foods, with a total £20 million plus turnover, operates from a world-class production plant in Sunderland and manufactures a range of formed flavoured butters and a variety of authentic savoury sauces for fast growing segments of the prepared foods, food processor and foodservice industries.
The acquisition will see Kerry continue with its mission to be a leading pan-European provider of culinary systems and ready-to-use ingredient solutions.
The shareholders of Voyager Foods have retained the Poultry division which is continuing to operate from its existing premises, also in Sunderland.
“This deal came about in just six weeks – which is no mean feat,” said Philip Nuttall, North West head of Clearwater Corporate Finance (formerly Tenon Livingstone Guarantee). “The management of Voyager have built up a very successful business in the five years since we advised them on their MBI and it’s good to see such a successful outcome for all the shareholders.”