Tue, 05 Oct 2021 | BUSINESS SALE
Petrol station forecourt operator EG Group has announced the acquisition of bakery chain Cooplands. The firm has acquired the company behind the chain, CS Group Holdings Ltd, which owns bakeries that process ingredients, manufacture foods and distribute to Cooplands’ network of around 180 stores.
Founded in 1885, Cooplands is the UK’s second-largest bakery chain and is predominantly present in the North East and Yorkshire. Following the acquisition, EG Group’s network will enable the chain to expand into forecourts and retail convenience stores across the UK. EG Group is owned by brothers Mohsin and Zuber Issa, who acquired supermarket chain Asda alongside TDR Capital in October 2020.
EG Group has said it will invest in Cooplands’ brand and food offering as it seeks to expand its customer reach. The acquisition adds another brand to EG Group’s food offering, after it moved to acquire fast-food chain Leon in May this year.
A statement from EG Group said: "The acquisition will accelerate EG Group’s growing and successful diversification into foodservice and adds highly complementary assets that will drive development opportunities in other parts of the business.”
"Today’s transaction will provide a platform to diversify the Cooplands brand into the transient petrol forecourt and retail convenience store channel, alongside the bakery chain’s traditional store formats, through EG Group’s extensive UK network."
Zuber and Mohsin Issa said in a joint statement: "We are very pleased to welcome Cooplands’ many talented colleagues to the EG Group family. Cooplands has a proven track record in the fresh bakery sector and vertical integration with EG Group will help to further drive our success in foodservice, where we continue to see strong growth opportunities in the UK and globally.”
"Following the acquisition of LEON in May, Cooplands is another fantastic fresh food brand to add to EG Group’s existing portfolio of third-party foodservice brands. The transaction will broaden the reach of Cooplands beyond the brand’s northern heartlands and bring its much-loved food to more existing and new customers through EG Group’s unparalleled network of roadside forecourts and retail convenience stores.”
Cooplands CEO Belinda Youngs added: "Cooplands is proud to be joining EG Group and bringing our long history of skills and expertise in the bakery industry in both manufacturing and retail to the company. We are looking forward to a great future for the Cooplands brand."
The sale also enables investment firm BGF to make an exit from Cooplands. BGF initially made an £8.5 million investment in the chain in December 2017, followed by £7.7 million in follow-on funding last year.
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