Boparan - comment
Rangit and Baljinder’s private office has bought German turkey producer Heidemark through its European arm Storteboom Food Group. Heidemark had 2,300 employees and a turnover of €760m. This business sits outside the Boparan restricted group, where a significant European arm is building under the business it sold to the Family Office in 2024. If we assume 7% EBITDA margins => potential EV of €260m. It is likely that there is debt at the acquired company level, so the equity value will be lower.