2Sisters has put Holland’s Pies up for sale - but owner Ranjit Boparan is struggling to get the desired value for the business, The Grocer has learnt.
Industry insiders said Boparan had been looking for £25m-£30m for the business, assets and related staff of Holland’s, which manufactures branded frozen and chilled pies, puddings and other savoury pastry products.
However a “misalignment between perceived expectations of value” had put the sale of the business on hold, said a City source.
Holland’s sales were £26.3m in the year to March 2011 but about a third of this was through vans or stadia - believed to be at odds with Boparan’s core growth strategy with the multiples.
2Sisters has received several expressions of interest from both trade and private equity players since kicking off a potential sale process in the summer.
Peter Pies, seen by many to be a logical trade fit given its extensive foodservice business, is understood to have run a rule over the business, but is not believed to be interested given the current valuation.
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