• Cranswick acquires Kingston Foods
  • Strengthens position in premium cooked and roasted meat category

Cranswick has expanded its presence in the cooked meats category with the acquisition of Kingston Foods.

The company said the move further diversified its product portfolio and is in-line with the strategy that Cranswick CEO-elect Adam Couch detailed to just-food last week.

Couch said Cranswick is seeking smaller "targeted" acquisitions to expand the business. In particular, Couch revealed the group is looking at M&A that will "develop our capabilities in area of the market that we wouldn't necessarily have the expertise in - that we wouldn't feel comfortable in growing from a standing start."

While Cranswick does offer cooked meats - primarily pre-packed and deli products for retail customers - the acquisition of Kingston expands the group's foothold in the category and offers greater exposure to foodservice customers.

Show the press release


    Cranswick plc

    ("Cranswick" or "the Group" or "the Company")

     

    Acquisition of cooked meats business

    

    Cranswick today announces the acquisition of the entire issued share capital of Kingston Foods Limited ("Kingston").  Kingston is a producer of premium cooked and roasted meat products and at 27 January 2012 had gross assets of £3.7 million.

    

    The acquisition of Kingston strengthens Cranswick's cooked meat production capabilities, further diversifies its product range in a growing market and broadens the Group's customer base.

    

    Tony Turner and Paul Williams, the vendors, will continue in their current positions as managing director and operations director respectively.  We welcome Tony, Paul and their colleagues to the Cranswick group.

Original source: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11250599