UK confectionery and snack food group Zetar today (23 October) revealed that it has acquired Salamanda, the wholly-owned snack food subsidiary of the Kinnerton Group, for a total consideration of up to GBP2.25m (US$4.21m).
Salamanda manufactures premium chocolate and yoghurt-coated fruit and nut snacks.
The initial consideration of GBP1.2m has been settled through the payment of GBP900,000 cash and the issuance of 66,964 Zetar shares, valued at 10 pence each, to Kinnertion.
An additional consideration of up to GBP1.05m will be payable in cash or ordinary shares, depending on the future financial performance of Salamanda. If Salamanda posts profit before tax of GBP400,000 or more in FY2007/8 and GBP550,000 in FY2008/9, the maximum additional consideration will be paid.
York-based Salamanda was established in 2004 by Joe Horsley and Mike Flower, who will continue to manage the business after the acquisition is completed.