The Food Investment Group (FIG) has acquired two bakery businesses specialising in the production of savoury pastry products such as quiches and flans. The purchase price was not disclosed.
Coming under the umbrella of the newly created Pastry Group, Thomas Foods, based in Sheffield, employs over 100 personnel and supplies Morrisons and Waitrose, while the Giles Foods pastry operation in Milton Keynes employs 110 staff supplying Asda, Morrisons and Somerfield. The two companies have a combined turnover of £25m (US$43.6m).
FIG was formed by Bill Hazeldean and Pat Pocock in 2004 following their successful completion of the sale of seafood processor Macrae Food Group to Young’s Bluecrest. Since then, Hazeldean and Pocock have looked at a number of potential acquisition targets in the food industry.
“We are delighted to have completed our first transaction through FIG,” said Hazeldean.
“Thomas Foods and Giles Foods have a strong market position and with this particular platform we are confident that we can build a successful business, concentrating on the quality end of the bakery market.”
FIG has appointed Cameron Brown, formerly a chief executive officer of Macrae, to head up the new Pastry Group.
Pat Pocock said: “We have institutional backing to invest in a number of food businesses and we have great confidence in our first step with Thomas and Giles. Cameron Brown is a great asset to FIG and it is a real bonus that he is able to join us.
“Over the next few months we expect to complete more transactions and build a portfolio of companies.”
Cameron Brown, who is already running both businesses, said: “I am delighted that we have completed this deal and The Pastry Group presents terrific opportunities for the future. Both sites will receive further investment in the coming months and we are already in discussion with our customers to further develop the range.”
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