Brake Bros plc, a leading food supplier to the UK and French catering industries, has announced the acquisition of two more strategically important regional wholesalers in France, for a total estimated consideration of €23m (US$19.8m), including assumed debt.
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Brake France has acquired Bianchi Gers and PSM/Jarny, which it says completes its programme of purchasing the majority of the members of the Carigel buying and marketing group. In the process it has acquired a further 16% shareholding in Carigel, giving it a 75% controlling shareholding. Carigel is the fourth largest supplier of frozen and chilled foods to caterers in France.
Bianchi Gers operates from two depots at Auch and Bordeaux in the South West of France and in the year ended 31 December 2000 made an operating profit of €0.2m on sales of €17.2m with net assets at year-end of €0.3m.
PSM/Jarny operates from two main depots at Mulhouse and Jarny, with smaller depots at Strasbourg, Besançon and Reims, covering the East and North East of France. In the year ended 31 December 2000 it reported an operating profit of €0.3m on sales of €55.3m with net assets at the year-end of €6.4m.
In the last eighteen months Brake France has directly acquired eight members of Carigel, taken control of two French distributor subsidiaries of Carigel and sought to grow Carigel’s business outside France, supplying catering wholesalers in Spain, Germany and Belgium. Brake France has therefore achieved its initial major strategic objectives, of trebling its turnover to over £300m (US$425.2m) on an annualised basis, and attaining the number two position in the supply of frozen and chilled food to French caterers.
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