Cranswick acquires Bowes
lundi, 6 avril 2009
Cranswick, the Hull-based food producer, has confirmed the acquisition of Bowes of Norfolk Limited for a cash consideration of £17.2 million.
A family owned business based in Norfolk, Bowes' has years of experience in arable farming, pig rearing and pig-meat processing.
Some of Bowes' business - the arable farming wing and a property profile - will be retained by the Bowes family.
The pig-rearing business will be sold, on completion of the deal, to Cranswick as part of a management buy-out.
According to a release from Cranswick, the adjusted profit and tax attributable to the assets being acquired by Cranswick in the accounts of Bowes amounted to £2.1 million on sales of £75.8 million.
The transaction is subject to approval from the UK Competition Authorities but provided this is granted completion should be wrapped up in ten weeks.
Formed in the 1970s to produce pig feed, Cranswick now supplies pork products such as gourmet sausages and charcuterie.
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