Icelandic food company Bakkavör Group has acquired a 51% stake in Czech ready meals producer Heli Food Fresh.
Financial terms of the deal were not disclosed but Bakkavör said it has an agreement to purchase the remaining 49% in 2010.
“This acquisition supports our commitment of growing our business across Continental Europe,” said CEO Ágúst Gudmundsson. “The ready meals market is growing rapidly in Central Europe and as Heli Food Fresh already supplies a number of our existing customers, this transaction provides us with an opportunity to support our key customers’ expansion in this region.”
Headquartered in Prague, Heli Food Fresh specialises in the manufacture of ready meals, soups and sauces for the Central European market. The company employs 76 people and has an annual turnover of around EUR3.6m (US$5m).