UK cake maker Inter Link Foods has announced the acquisition of 100% of the issued share capital of Cukiernia Mistrza Jana (CMJ), a private company based in Szczecin in North West Poland.
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The total maximum consideration payable is £1.17m (US$2.24m), including an initial payment of £0.7m cash, the issue of 32,600 new shares in Inter Link Foods with a value of £0.2m, and a deferred consideration totalling up to £0.27m based on the trading results for the year ending 31 December 2004.
CMJ, which produces a range of small cakes and cookies, recorded turnover of £3.76m in the nine months to 30 September 2004. The managing director of CMJ will report directly to Paul Griffiths, chief executive of Inter Link Foods.
“CMJ operates from a well-invested 70,000 square foot factory with considerable spare capacity. It is our intention to use part of this new capacity to manufacture a range of products in Poland for UK customers,” Inter Link Foods said.
Szczecin is only 30 minutes from the German border and products produced at the Polish plant can be shipped to arrive at a UK distribution centre within 24 hours.
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By GlobalDataInter Link Foods said the acquisition provides it with a first step into the mainland European markets. CMJ currently supplies major multiple retailers and wholesalers throughout Europe but predominantly in Poland and neighbouring East European countries.
“The acquisition of CMJ is a very exciting first move for Inter Link Foods into Europe and complements our ambition to be number two cake supplier in the UK,” said executive chairman Alwin Thompson.
