U.K. food producer, Premier Foods, will sell its canning business to Princes, a unit of Japan’s Mitsubishi, Financial Times reports. The £182 million deal will help Premier reduce its debt.

Premier had appointed Stamford Partners as adviser, while KPMG did due diligence for Princes. Premier sold its meat-free businesses to the private equity firm, Exponent, for £205 million in January 2011.

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