LONDON (Reuters) – Debt-laden UK food group Premier Foods (PFD.L) said on Sunday it had received a 50-million-euro ($66 million)offer from two private equity funds for its French frozen patisserie business, Martine Specialites SAS. Premier Foods said it considered the offer from Cerea Capital and Banexi Capital to be acceptable and had started consultation with employees over a potential deal.
If completed, it will use the proceeds to pay off debt, it said in a statement.
In the nine months to Dec. 31, Martine Specialites made net sales of 34.4 million pounds ($51.3 million) and its profit before tax was 4.4 million. It has gross assets of 30 million pounds and employs some 385 people, Premier Foods said.
(Reporting by Mark Potter; editing by John Stonestreet)