Wragges wins debut corporate role for Premier Foods on £182m deal
Wragge & Co has won a first-time corporate instruction from Premier Foods, advising the UK's largest food producer on the £182m sale of its tinned grocery business to rival Princes. The sale sees Princes, which is owned by Japanese trading company Mitsubishi Corporation, take over Premier's 1,600-staff Canned Grocery Operations arm, which includes brands such as Crosse & Blackwell, Fray Bentos, Farrows and Smedley's.
February 11, 2011 at 08:21 AM
2 minute read
Wragge & Co has won a first-time corporate instruction from Premier Foods, advising the UK's largest food producer on the £182m sale of its tinned grocery business to rival Princes.
The sale sees Princes, which is owned by Japanese trading company Mitsubishi Corporation, take over Premier's 1,600-staff Canned Grocery Operations arm, which includes brands such as Crosse & Blackwell, Fray Bentos, Farrows and Smedley's.
Wragges' food and drink sector team advised Premier fielding a team led by corporate partner Richard Haywood that also included commercial partner David Lowe, antitrust partner Bernardine Adkins, environmental partner Lee McBride and health and safety partner Andrew Litchfield.
Clifford Chance (CC) advised longstanding client Princes, with City corporate partner Jonathan Beastall leading the team.
Wragges' mandate comes after the firm was last year appointed to Premier Foods' first formal roster of external legal advisers alongside Slaughter and May and Eversheds.
Haywood commented: "Wragge & Co has acted for Premier on a range of matters in the last year. It is a great client to work with and an impressive organisation. In supporting Premier in this latest deal we drew on our extensive food sector experience and M&A expertise."
The deal still needs to gain consent from banks, shareholders and European Commission merger clearance.
Premier Foods owns major brands such as BistoHovis, Branston Pickle and Mr Kipling cakes.
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