UK: Golden Acre acquires seafood supplier Elsinore
Golden Acre has acquired Elsinore Foods
UK fine foods supplier Golden Acre Dairy Foods Holdings has snapped up local seafood and delicatessen group Elsinore Foods.
Elsinore was formed in 2009 through a management buyout from Danfood Ltd and supplies UK retailers Tesco, Waitrose and Ocado. Its portfolio includes caviar, mussels, cockles, prawns, crayfish, pâté and salami.
The deal, struck for an undisclosed sum, sees Golden Acre expand its offering for major supermarkets. Golden Acre is a nationwide supplier specialising in foods such as continental meats, cheeses, yoghurts, pastry and spices.
John Wilson, owner of Elsinore Foods Ltd, is pleased to announce the sale of the business to Golden Acre Dairy Foods Holdings Ltd.
Based in Melbourn, Cambridgeshire, Elsinore Foods is a market leading food business specialising in niche seafood and delicatessen products.
Formed in 2009 through a management buyout from Danfood Ltd, Elsinore achieved sustained sales growth throughout the recession. Importing its high quality products largely from Denmark and Scandinavia, the company supplies across the UK to major retailers such as Waitrose, Tesco and Ocado.
Its products, most of which are sold under the Elsinore brand, include caviar, mussels, cockles, prawns, crayfish, pâté and salami.
Elsinore capitalises on demand for luxury 'health' foods
The seafood industry struggled during the recession, with UK household expenditure on fish produce dropping by 17% between 2007 and 2009 (IBIS World).
Today however, the improving economy means that consumers are more likely to spend on such ‘luxury’ items; the Food and Drink Federation (FDF) reported an 8% increase in sales of indulgent products for Q4 2013.
Elsinore has capitalised on this opportunity, having positioned its products as quality niche foods and aligning itself with high end retailers such as Waitrose.
An increasing awareness of the health benefits of seafood is also driving demand in the market. Elsinore has taken advantage of this, advertising its seafood soups as ‘light’ meals and promoting its herring products for their richness in Omega-3.
A good fit: Golden Acre's strategic acquisition
Golden Acre Dairy Foods Holdings Ltd is a nationwide supplier specialising in fine foods such as continental meats, cheeses, yoghurts, pastry, spices and other delicacies.
The company seeks to expand its portfolio though the acquisition, with Elsinore’s niche seafood products making a fitting and valuable addition to Golden Acre’s specialist ranges. The two companies also have a clear synergy in terms of logistics, making Elsinore an ideal strategic acquisition.
Commenting on the deal, John Wilson said:
“I’d like to thank PEM Corporate Finance for their support and advice on the sale of Elsinore Foods. They took time to really understand the business, and as such were able to find a buyer that was a good fit.”
PEMCF Director Tony Stairs commented:
“Elsinore Foods is an excellent company, well respected by its suppliers and customers alike. John has done a fantastic job managing the business; it has been a pleasure to support him in making this deal, and we wish him all the best for his retirement. Elsinore is a great fit for Golden Acre, and I’m sure the business will continue to thrive under its new ownership. ”
Legal advice was provided by Adam Bradley of Taylor Vinters in Cambridge.
Original source: PEMCF
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