French poultry giant LDC has bought a majority stake in the UK-based duck business Gressingham Foods.
The transaction has been struck through Green Label Holdings operated by the Buchanan family, the owners of Gressingham Foods.
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Publicly-listed LDC did not disclose the financial terms nor the size of the interest in a statement, which described the deal as a “strategic partnership”.
“This acquisition supports LDC’s international strategy by expanding its presence in the United Kingdom alongside its Welsh subsidiary and its European imports, enabling a broader offering to UK customers,” the French poultry supplier said in the statement.
While duck is the mainstay of Green Label, the business also supplies poultry products, both under the Gressingham brand. The company operates its own farms covering more than 250,000 square metres and accounting for around 50% of its poultry meat requirement, according to the statement.
Originally set up by Maurice and Miriam Buchanan in 1971, Gressingham Foods’ branded portfolio also features turkey, goose and guinea fowl. Headquartered in Diss, in Suffolk in the east of England, the company supplies the major UK retailers and the foodservice channel.
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By GlobalDataThe business is now in the hands of the second generation led by William and Geoff Buchanan.
They added: “We are delighted to partner with LDC as we continue to invest in our farming and manufacturing businesses to grow and develop the poultry markets in the UK.
“This is a proud moment for everyone at Gressingham, building on over 50 years of family values and tradition since our father Maurice started the business in 1971.”
Otherwise trading as Lambert Dodard Chancereul, family-owned LDC generates a turnover of €6.3bn ($7.3bn). It operates across 105 production sites and, as well as France and the UK, has a presence in Germany, Belgium, Poland, Romania and Hungary.
Some of its brands include Loué, Le Gaulois, Maître CoQ and Doux.
Philippe Gelin, LDC’s CEO, said: “The Buchanan family, the company, and LDC share strong, aligned values, and we are excited about the opportunities this will create for consumers, customers and our farming partners. This transaction marks an exciting new chapter for all our stakeholders in the UK.”
LDC has partly built its business through M&A, including deals last year for Groupe Routhiau, a meat and plant-based business in France, and a majority interest in European Convenience Food in Germany, a retail and foodservice supplier.
It also snapped up local salads and tabbouleh producer Pierre Martinet and the Konspol brand in Poland, complete with a factory in Nowy Sącz.
LDC entered the UK in 2021 with the acquisition of a majority stake in Wales-based peer Capestone Organic Poultry.
Meanwhile, Gressingham Foods struck a deal earlier this year for the UK-based foodservice supplier Central Foods.
According to accounts filed with Companies House, Green Label Holdings posted a turnover of £188m ($250m) in the year to 28 February, up from £171m in the previous 12 months.
Operating profit rose to £21.8m from £17.6m. Net profit was £15.7m, compared to £12m a year earlier.
