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Bakkavor Announces £12 Million Strategic Acquisition in UK Desserts

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Bakkavor Announces £12 Million Strategic Acquisition in UK Desserts

Bakkavor Announces £12 Million Strategic Acquisition in UK Desserts
September 10
12:30 2018

Bakkavor Group, the leading provider of fresh prepared food, has acquired Haydens Bakery from Real Good Food for a consideration of £12 million. Established in 1976, Haydens is a leading manufacturer of sweet bakery products for the major UK grocery retailers and provides a distribution operation for one of the UK’s leading retailers. The business operates from two sites in Devizes, Wiltshire, and has about 480 employees.

Capital investment of £15 million over the last 18 months has now transformed the bakery operations, adding significant capacity, expanding the existing footprint and upgrading equipment and infrastructure.

Agust Gudmundsson, chief executive of Bakkavor.

For Bakkavor, the acquisition of Haydens will increase the breadth and depth of its desserts range, extending the offering in in-store bakery, while also supports growth in Bakkavor’s Desserts business, which, combined with the ongoing major expansion of its facility in Newark, will provide increased and high quality capacity, as well as state-of-the-art automation. Bakkavor expects to realise meaningful operational synergies by incorporating Haydens into its existing business.

In the financial year ended 31 March 2017, Haydens generated £31.3 million of revenues and was break-even at the operating profit level. The transaction excludes Chantilly, a Devon based patisserie facility which produces hand-assembled frozen desserts.

Agust Gudmundsson, chief executive of Bakkavor, comments: “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.”

Real Good Food will use the cash funds received to reduce the group’s indebtedness.

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