Premier Foods is reportedly eyeing up an acquisition of pizza business Crosta Mollicca but has refused to confirm the speculation.
Just Food was provided with a “no comment” from Premier Foods when asked to verify potential interest in UK-based Crosta Mollica, which also produces pasta and Italian flatbreads for major supermarkets.
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Sky News said yesterday (19 March) the Mr Kipling and Sharwood’s sauces maker was ‘considering’ a £200m ($267.8m) bid for the company.
Premier Foods is ‘among the parties exploring offers’, the broadcaster said.
Under CEO Alex Whitehouse, London-listed Premier Foods has struck a number of M&A deals, the most recent of which was announced in August – ready-to-eat pulses and grains business Merchant Gourmet for £48m.
Cereal, snack bars and milk drinks producer Fuel10K was brought on board in 2023 for £34m after Whitehouse returned Premier Foods to the acquisition table for the first time in more than a decade, striking a £44m deal for The Spice Tailor the previous year.
London-based Crosta Mollica markets its products under the Made in Italy banner and occupies a pricier slot in the pizza aisle, selling for around £6.
Speaking to Just Food last year, executive chairman David Milner said 80% of the company’s sales were generated in the UK and the rest in Europe. It also supplies garlic bread, amaretti biscuits and Italian desserts.
Just Food has asked Crosta Mollica for comment on the Sky News‘ report.
Under Whitehouse’s watch since 2019, Premier Foods has reduced its debt to the lowest level ever – just short of £144m last year, when sales rose 3.5% to £1.15bn. Its net debt to adjusted EBITDA stood at 0.7 times, down from 1.2 in 2024.
Crosta Mollica would fit with Whitehouse’s model to focus on branded growth, supplemented by bolt-on acquisitions.
The company reported a trading profit of £187.8m last year, up 6%. Net profit after tax rose 6.5% to £161.3m.
Its shares have climbed 8% this year to stand at 183 pence.
