Cranswick, a supplier of fresh and added-value food products, has revealed it has purchased Mediterranean food producer Katsouris Brothers in a deal worth £43.5 million ($53.2 million).
Announcing the deal alongside its first quarter trading results, Cranswick described Katsouris Brothers as a processor and multi-channel supplier of continental and Mediterranean food products, operating a facility in the Wembley area of London. The firm’s product range includes olives, antipasti, oils, cheeses, cereals, nuts and seeds, which it markets under the Cypressa brand. For the year ended 30th June 2019, Katsouris Brothers’ revenue was £68 million ($83 million).
Commenting on the deal, Cranswick CEO Adam Couch said: “I am delighted to announce the acquisition of Katsouris Brothers, a leading supplier of Continental and Mediterranean food products. This acquisition strengthens our existing continental products business and broadens our offering in a number of fast-growing, plant based, non-meat product categories. The family behind Katsouris Brothers has created long lasting and sustained relationships with suppliers and the business has a strong customer base. We look forward to building on this and continuing to invest in the facilities and the team, over the years ahead”.
Source: Cranswick / Katsouris Brothers