UK: Genius acquires Finsbury free-from business
“The acquisition of these two bakeries will be transformational for Genius", the company said
UK gluten-free specialist Genius Foods has acquired Finsbury Food Group's free-from business in a GBP21m (US$31.8m) deal.
The purchase of United Central Bakeries, announced this morning (28 February), includes the firm's operations in Bathgate and the Livwell bakery in Hull. Genius said the deal will reinforce its position as the leader in the fast growing gluten-free food sector.
The enlarged group is expected to have a turnover in 2013 of around GBP50m, making it one of the largest food groups in Scotland.
"The acquisition of these two bakeries will be transformational for Genius and will enable us to accelerate the development of the brand's gluten-free range of bakery products," Genius chief executive Roz Cuschieri.
"Our customers are constantly looking to us to bring further innovation to the market and owning our own production capability will enable us to better meet that demand."
Finsbury said the free-from division accounted for 14% of group revenues and that it had sold the business to focus on its core cake and bread operations.
"Given Genius's international growth ambitions and the synergies available to the combined entity, there is strong commercial logic in the acquisition and we wish Genius every success in the future," said Finsbury chief executive John Duffy. "The sale will allow Finsbury to invest in its core cake and speciality bread business to drive further growth both organically and by acquisition."
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