UK: Genius acquires Finsbury free-from business
By Michelle Russell | 28 February 2013
 |
“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."
Sectors: Bakery, Mergers & acquisitions
Companies: Finsbury Food Group
View next/previous articles
28 Feb 2013 -
Currently reading -
UK: Genius acquires Finsbury free-from business
28 Feb 2013 -
28 Feb 2013 -
Related research
Finsbury Food Group PLC: Company Capsule
Canadean's "Finsbury Food Group PLC - Company Capsule" contains in depth information and data about the company and its operations. The profile contains a company overview, key facts, major products and services, financial ratios, financial analysis,...
Baking Ingredients Market in United Kingdom to 2016
The report presents detailed data on consumption trends in the Baking Ingredients category in United Kingdom, analyzing consumption volumes and values at segment level. It also provides indispensable data on distribution channels, profiles of compani...
Baking Mixes Market in United Kingdom to 2016
The report presents detailed data on consumption trends in the Baking Mixes category in United Kingdom, analyzing consumption volumes and values at segment level. It also provides indispensable data on distribution channels, profiles of companies act...
Related articles
NETHERLANDS: Genius Foods makes Dutch debut
UK gluten-free specialist Genius Foods has signed a supply deal for the Dutch market with online retailer Diepvriesmarkt.nl.
UK: Finsbury profit up, outlook positive
Finsbury Food Group has said its outlook is now "stronger than ever", having booked a 33% increase in first-half profits.
Editor's choice: the highlights on just-food last week
The fall-out from the horsemeat contamination continued last week, with Tesco outlining plans to shake up its supply chain and source meat from the UK. Elsewhere, UK free-from firm Genius Foods bought out venture partner Finsbury Food Group and, in the US, more buyers were found for Hostess Brands' assets. Click on the headlines for more.
There are currently no comments on this article
Be the first to comment on this article