Thu, 05 Aug 2021 | BUSINESS SALE
Leeds-based snack and instant meal manufacturer Symington has been acquired by Italian firm Newlat Food for £53 million. The deal represents a 5.5x multiple of the firm’s last reported EBIDTA of £9.6 million, generated on turnover of £114 million in the year ending August 2020.
After experiencing surging demand during Covid-19 lockdowns, Symington began exploring a sale earlier this year. The firm is a major force in the UK’s £385 million per year hot snacks sector, manufacturing well-known brands including Chicken Tonight, Ragu and Mug Shot, among others.
The company’s products are sold in shops and supermarkets across the UK and in many international locations. The company has a manufacturing facility and distribution centre in Leeds and two further facilities in Durham and Leeds.
Newlat is also a food manufacturer, producing pasta, baked goods, baby food, milk and milk products. The company, which made an unsuccessful bid to acquire UK breadmaker Hovis last year, has 14 production locations in Italy, as well as a facility in Germany.
Symington CEO David Cox said: “This is fantastic news for us. Newlat wants to invest in our business and our brands. It provides long-term security for our business with an international ambient and dairy food player operating in mutually beneficial categories and is an exciting time for us both.
“By bringing together both businesses we can combine our strengths, accelerate our growth and increase our global footprint. Symington’s provides a strong springboard for Newlat’s brands into the UK market and Newlat gives us further opportunities for us to grow our brands internationally where Newlat has operations – in Italy and Germany.”
Newlat Chairman Angelo Mastrolia added: “We are happy to announce the acquisition of Symington. This is an interesting business with high potential for growth and we deem it to be a perfect fit into our strategic plan. We see a number of synergies between our businesses as we both produce complementary but different categories of products.
“Not only will there be significant cost synergies, but also, this acquisition allows us to enlarge and diversify our product range and our geographical reach. This opportunity enables us to set foot into the UK and thus consolidate our position in this extremely relevant market. We are ready to invest in the business and to support its international expansion.”
Find businesses for sale here.
If you are looking for an exit, we can help!
The business primarily offers a full and varied menu associated with any successful Restaurant. Foods are prepared freshly to order and served in the very pleasant surroundings of a stylish, tastefully furnished and appointed in-house dining area whi...
LEASEHOLD
This well-presented business is located in a prime trading position in Notting Hill by the Portobello Market. It was established in 2015, grown, and evolved over time to become a unique, self-sufficient small business that still has potential for gro...
LEASEHOLD
This is an oppurtunity to acquire this respected Restaurant & Coffee Shop which is located in a market town in Nottinghamshire. The owners are now reluctantly offering the business for sale due to having to focus on other business commitments.
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.