UK confectionery maker Glisten has announced that it has formed a conditional agreement to acquire Halo Foods, which designs and makes specialist snack bars, for an initial consideration of £5.9m (US$11.1m), plus up to £8.0m in a deferred consideration dependent on performance.
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Wales-based Halo Foods supplies brand name customers in both the UK and overseas. In the year ended 31 December 2003, the company reported profits before tax of £1.64m on revenues of £28.5m.
“This is clearly the most significant acquisition we have made since admission to AIM in June 2002, not only doubling our sales but taking us into the fast growing cereal bar market,” said Jeremy Hamer, chairman of Glisten.
“With this acquisition we can now develop Glisten in three distinct sectors of confectionery, cereal bars and ingredients all of which satisfy our criteria of being niche,” he added.
Glisten said it believes that the healthy-snacking food sector offers strong growth potential alongside the group’s existing niche confectionery activities.
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By GlobalDataBlackburn-based Glisten Confectionery makes chocolate and sugar-based confectionery, edible decorations and confectionery ingredients.
