Fresh provider prepared food Bakkavor Group is to acquire Haydens Bakery from Real Good Food for £12m.
The deal is subjected to adjustment in relation to levels of working capital and net debt. This comprises £9.6m in cash and £2.4m of existing finance leases.
Founded in 1976, Haydens is a manufacturer of sweet bakery products for UK’s grocery retailers operating from two facilities in Devizes and Wiltshire.
With the acquisition of Haydens, which excludes Chantilly a patisserie facility which produces hand-assembled frozen desserts, Bakkavor will expand its dessert business.
Commenting on the acquisition, Agust Gudmundsson, Chief Executive Officer of Bakkavor, said: “We are pleased to welcome Haydens to the Bakkavor Group. It is a business which shares Bakkavor’s passion for providing outstanding service, quality and value to its customers and has a reputation for supplying some of the best tasting sweet treats to the UK’s leading retailers. This acquisition will grow both our capacity and product offering in the Desserts category, and we are delighted to be welcoming Haydens’ management and the wider team to our business.”