Thu, 23 Oct 2014 | MERGER
The food producer behind Bodega and Weight Watchers, Cranswick, has purchased a rival poultry product maker, Benson Park.
Benson Park produces premium British cooked poultry products and supplies to customers in the “food to go” part of the retail food markets from its purpose-built factory in Hull. It has about 90 staff members and reported revenues of £41.1 million for the year to 31 August.
The purchase will be funded from Cranswick’s existing debt facilities and is forecast to be “moderately earnings enhancing” during this financial year.
On the deal Cranswick said in a statement: “This strategic acquisition moves Cranswick into a new protein sector broadening both the group’s product range and its customer base.”
Cranswick’s chief executive Adam Couch explained that an important part of the company’s long-term strategy is to “develop new product channels in its core UK market both in pork and other proteins”. Its acquisition of Benson Park is in line with that objective.
Benson Park’s managing director David Park and his team are to stay with the company and transfer to Cranswick.
Cranswick, which has won many accolades for its foods, is also behind the Woodall’s, Simply Sausages, Red Lion Foods and The Black Farmer brands.
Benson Park produces foods that can be used for sandwich fillings, pre-prepared salads and ready meals.
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