UK food manufacturer Premier Foods Plc has announced the acquisition of 100% of The Spice Tailor, a maker of Indian and South East Asian meal kits and accompaniments, for an initial consideration of £43.8 million ($52.4 million).
In a statement, Premier Foods said the Spice Tailor would benefit from increased levels of marketing investment to drive product awareness and household penetration, new product development resources, and access to Premier Foods’ commercial capabilities and strong retailer relationships.
Alex Whitehouse, Premier Foods CEO, said: “The acquisition is well aligned to our growth strategy, and we see a clear opportunity to build on the excellent track record of The Spice Tailor, by leveraging the elements of our proven branded growth model. This acquisition represents a highly complementary geographical fit, and we see significant potential to expand The Spice Tailor’s distribution in all our target markets”.
“We see this as another important milestone for us following the Group’s strong performance over recent years and The Spice Tailor is an important addition to accelerate our future growth plans”, he added.
Sources: Premier Foods