What’s Cooking?, the Belgium-based food manufacturer, has struck a deal to sell its cold-meats arm to investor Aurelius.

The company had been weighing up offloading the business and focusing on ready meals.

In a statement issued today (18 October), the group said it expects to complete the deal by “early 2025” at the latest.

The manufacturer said Aurelius’ “experience in carve-outs” would lead to “a smooth transition for both the What’s Cooking business and the disposed activities”.

Piet Sanders, the CEO of What’s Cooking?, said the company wants to “accelerate the organic growth” of its ready-meals business, which manufactures its own brands and for private-label customers.

The cold-meats arm, which the company describes as its “savoury” business, generated €464m of its €832m turnover in its 2023 financial year.

The division encompasses operations across Belgium, the Netherlands, France, the UK and Germany. Its €464m ($503.4m) in turnover represented a 5% rise on a year earlier although, when What’s Cooking? published its 2023 accounts in February, the company said its volumes fell “as expected in a declining market” when the company published its 2023 accounts in February.

The division’s underlying EBITDA was “stable” compared to 2022 at €21m. Group EBITDA was €45.5m, versus €35.9m in 2022.

Andrzej Cebrat, an MD at Aurelius, added: “The acquisition of What’s Cooking’s renowned savoury business complements our existing strategy and footprint in the region.”