South African packaged goods company Pioneer Foods has bought UK’s Streamfoods for £7.5 million ($10.0 million), according to reports in Fin 24 and Business Day Live.
Northamptonshire-based Streamfoods is owned by the Wellness Group of companies and manufactures a range of fruit snacks and bars, predominantly targeting children, under the Fruit Bowl brand. The acquisition will reportedly allow Pioneer foods to integrate the Fruit Bowl brand into their exisiting fruit snack portfolio, and further opportunities to reach other parts of Europe as well as China.
Commenting on the deal, Pioneer Foods CEO Phil Roux said: “This acquisition is in keeping with the stated strategic intent of acquiring and bolstering Pioneer Foods’ product portfolio in the UK with a branded proposition, namely Fruit Bowl. The transaction will augment and leverage our UK private label portfolio and our recently upgraded manufacturing capabilities”.
Source: Fin 24 / Business Day Live