UK food manufacturer Premier Foods has announced the acquisition of breakfast brand Fuel10K in a deal worth £34 million ($41.2 million).
The Fuel10k range includes granola, porridge, biscuits, and high-protein snacks, and has reportedly recorded strong double-digit revenue growth over the last three years.
Commenting on the acquisition, Premier Foods chief executive officer Alex Whitehouse said: “FUEL10K provides us with an ideal platform to accelerate our expansion into the Breakfast category, building on our recent successful launch of Ambrosia porridge pots. Possessing a differentiated category position, with its protein-enriched product range and appealing to a younger demographic, we expect to deliver significant further profitable growth of Fuel10k through the deployment of our successful branded growth model”.
Fuel10k co-founder Barney Mauleverer, added: “We are very excited to be passing the reins on to the owner of such a great stable of UK brands. Having built the foundations from start-up, the FUEL10K brand is now primed to accelerate into the future and achieve even more great things”.
Sources: Premier Foods