France-based private-label snacks group Europe Snacks and UK peer Kolak Snack Foods today (10 October) announced the companies had merged.
The businesses said the deal would “create a leader of the sector”. Financial details were not disclosed.
In a joint statement, the companies said the enlarged group would generate annual revenues of circa EUR250m and have six manufacturing sites in France and the UK. They said they supply “200 retail and discount customers across Europe and beyond”.
Europe Snacks CEO Christophe Fenart will be the CEO of the business. “By bringing together Europe Snacks and Kolak we are moving towards our goal to become the pan-European partner of choice for our customer’s brands, driving innovation across a full range of crisps and snacks,” Fenart said.
Ashok Lakhani, co-founder and the chairman and CEO of Kolak, will have a seat on the company’s board as a non-executive director.
Bharat Lakhani, Kolak’s other co-founder, was the UK firm’s business development director. He will be “stepping back from the business”, the statement read.
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Rikin Lakhani, Kolak’s managing director, will lead the UK arm of the new business. He said: “I am delighted to be working with Christophe and the team at Europe Snacks. I am very excited about the opportunities that this merger presents both nationally and internationally for us and our customers.”
Nicolas Eyméoud, the MD of Europe Snacks, will lead the group’s French operations. Europe Snacks and Kolak will continue to operate under their brand names, the statement read.
Private-equity firm Apax acquired a majority stake in Europe Snacks from fellow buy-out house IK Investment Partners in 2013.