Breaking news: SATS sells Daniels to US firm

FOOD business Daniels has been sold by its Singapore owners as part of a deal that could be worth more than £160m.

US firm Hain Celestial has bought Leeds-based Daniels along with International Cuisine from SATS.

Hain will pay an inital £151m with a further £13m depending on how Daniels performs over the next two years.

Daniels Group is a £160m business which produces brands including New Covent Garden soup and Johnsons Juices.

KPMG’s Leeds transaction services team provided due diligence to SATS on the deal.

Partner Chris Stott said: “It’s exciting to play a role in a great local deal; especially one that helps Northern companies to demonstrate why they are an attractive acquisition in a challenged sector.

“Rising raw material costs and falling consumer spend are beating up many businesses in the food and drink sector but the strength of these companies’ brands, such as New Covent Garden Soup, and their robust cost base management, including commodity pricing issues, were critical to this deal.”