Thu, 09 Jan 2025 | BUSINESS SALE
Century-old UK food importer Lupa Foods has been snapped up by Nordic group Geia Food.
Borehamwood-headquartered Lupa Foods, whose history dates back to 1902, is a B2B supplier to food manufacturers and recipe box companies. It offers comprehensive supply chain solutions including sourcing, warehousing and distribution of a wide range of ingredients from pasta to dairy and meat.
The company, part of the ProVen VCT, owned by Beringea, has an annual turnover of £45 million and a team of 35 employees.
Geia Food, owned by private equity group Triton, works with over 370 suppliers worldwide and has a combined annual turnover of £370 million. It has offices across the Nordics including Denmark, Norway, Sweden and Finland.
Under the new structure, Lupa Foods' existing management team, led by CEO Manish Mandavia, will continue to oversee daily operations, "ensuring stability and continuity while leveraging Geia Food's extensive resources".
Lupa hopes the deal will be a 'pivotal moment' for the business enabling it to expand its product offerings and strengthen its supplier relationships.
"I am incredibly proud of Lupa Foods' development and exceptional growth since 2018, during which we've doubled our turnover to over £40 million by focusing on operational excellence and customer alignment," said Mandavia. "Our long history and trusted partnerships are the foundation of our success. Joining Geia Food presents a remarkable opportunity to scale our operations and enhance our value proposition by accessing their extensive sourcing and innovation capabilities through a global network."
Claus Ravnsbo, Group CEO of Geia Food, highlighted the strategic value of the acquisition:
"Lupa Foods has an impressive history and a strong reputation in the UK food industry. By combining our sourcing capabilities and supplier portfolio with Lupa's local market expertise, we see vast opportunities to grow the business further and deliver even more value to customers."
The UK food market continues to grow driven by a rising population, changing consumer appetites for a more diverse range of products and demand for domestic sources to cut down on transport emissions.
Find out more about growing overseas appetite for UK companies
Also see: Global and UK Food & Beverage M&A Insight - members can also access our comprehensive list of the world's leading private equity buyers of food & beverage brands.
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