Thailand’s Charoen Pokphand Foods has bought UK-based meat and ready-made products manufacturer Westbridge Food Group (WFGL) in a deal worth around GBP60m (US$75m).
WFGL specialises in selling meat and ready-made products to the retail, foodservice and food manufacturing sectors in the UK and in the EU, CPF said. In 2015, WFGL booked revenue of THB14.73bn (US$428m) with a net profit of THB173m.
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CPF executive committee chairman Adirek Sripratak said the investment “will allow CPF to expand its distribution network for retail, foodservice and food manufacturers in the UK and the EU countries which have a high potential”.
Sripratak said: “Most of WFGL’s markets are new customers, rather than existing CPF clients. WFGL’s products mainly involve chicken, shrimp, fish and processed foods which are in line with CPF’s product. In addition, CPF will have import quota licences for chicken products to the EU since WFGL has more than 100 subsidiaries which have import quotas. Its management team also has high experiences in food business management. This investment will encourage CPF’s export opportunities to UK and European countries.”
In February, CPF said it was targeting another 10% rise in sales in 2017, driven by its overseas business. The company saw its revenue grow 10.2% to THB464.45bn in 2016 and is looking to match that growth this year.
In October, CPF bought a majority stake in UK foodservice supplier Foodfellas last October for GBP12.3m.
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