UK bakery manufacturer Finsbury Food Group has announced the acquisition of ‘free from’ bakery manufacturer Ultrapharm Ltd for £17 million ($13.3 million).
According to a Finsbury Food Group statement, the acquisition is part of an ongoing plan to diversify the company’s product capability into high growth areas.
Founded in 1993, Ultrapharm has a workforce of 240 employees developing an extensive range of bakery products such as bread, bun, rolls and morning goods, in its facilities in the UK and Poland.
“Ultrapharm has a robust market position both in the UK and Europe, extensive technical ability and strong relationships across a high quality and diverse customer base”, commented John Duffy, chief executive of Finsbury Food Group. “This provides Finsbury with the opportunity to build upon both businesses existing retail relationships, as well as unlocking further commercial opportunities”.
“Alongside the growth opportunities this acquisition brings, in line with the Group’s strategy, it further diversifies us by geography and category; giving us a further foothold in Europe and allowing us to diversify into the Free From market”.
Source: Finsbury Food Group