There has been a deal struck between the owner of Quorn meat substitute firm Premier foods and the investment firm Exponent Private Equity. It has been revealed that the former has sold to the latter, the meat business.

The firm is now all set to take over the air-parts business of the firm Umeco for a huge sum of £109m in cash. After the sale has been completed, the firm would then be able to concentrate on its core work of manufacturing the composite material that is used for the defense, automotive, wind energy and aerospace sectors.

Exponent, the giant firm is out on its big takeover sprint and is now all set to invest further in the Pattonair business that also is the supplier of Thales Aerospace and BAE systems.

Steve Medlicott, analyst at broker Altium, said: “Fundamentally, due to the cash-consuming nature and relatively opaque contracts within Pattonair, we are supportive of the sale. However, the headline number [£146m] compares to the widely speculated figure of £200m when the news of talks over the potential sale was first disclosed”.

The firm is now of the view of generating further profit together with growth prospects for the firm as well as the people involved with it.