View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
September 17, 2020

UK snack-bar maker Halo Foods sold to US PE firm Peak Rock

Halo Foods, the UK snack-bar maker once owned by Finnish food group Raisio, has its second private-equity owner in four years.

By Dean Best

Halo Foods, the UK snack-bar maker, has been sold to Peak Rock Capital, the manufacturer’s second private-equity owner in four years.

Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

The deal, struck for an undisclosed sum, sees Peak Rock, alongside Halo Foods’ management, acquire the business from Nimbus, the Dutch investment firm. Nimbus bought Halo Foods from Finnish food group Raisio in 2016.

Halo Foods is predominantly a manufacturer for brands and retailers but the Wales-based business does have a brand of its own, Skinny.

In April, the company filed accounts at the UK’s Companies House for the period from 1 January 2019 to 28 December that year. Turnover stood at GBP35.2m (US$45.5m), up 24% on a year earlier. Halo excluded turnover from two factories sold in 2018 from the result.

Halo Foods’ underlying operating profit – which stripped out “depreciation, one-off restructuring costs and asset adjustments – was GBP3.5m, compared to GBP1.5m the year before. Depreciation, which Halo said “accelerated” in 2019, meant the company made a loss after tax of GBP2.1m, against a profit of GBP1.8m a year earlier.

The business is Peak Rock’s first investment of a food or beverage business outside the US. The private-equity house has eight US businesses in the sector in its portfolio, including ice-cream maker Turkey Hill and honey supplier Sweet Harvest Foods.

“This transaction is another example of Peak Rock’s deep experience in the food and beverage segment. We will continue to seek additional platform investments within the industry across Europe and North America, as well as add-on acquisitions that we believe could benefit from our ability to drive rapid growth and improve performance,” Peak Rock CEO Anthony DiSimone said.

Peak Rock has acquired a majority stake in Halo Foods. John Tague, Halo Foods’ CEO, said: “We believe our partnership with Peak Rock will help Halo to accelerate its strong growth trajectory by drawing on their extensive experience in food and beverage and by continuing to invest in our people and capabilities.”

Related Companies

Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

Topics in this article: ,
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every other month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Just Food