Cranswick Acquires Leading Mediterranean Food Products Business

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Cranswick Acquires Leading Mediterranean Food Products Business

Cranswick Acquires Leading Mediterranean Food Products Business
August 02
10:32 2019
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Cranswick, a leading UK food producer, has acquired London-based Katsouris Brothers, a leading processor and multi-channel supplier of Continental and Mediterranean food products, for £43.5 million. Katsouris Brothers operates from two facilities in Wembley and employs a total workforce of approximately 250.

Costas and Louis Constantinou, managing director and commercial director respectively, who have a wealth of experience in this attractive and fast-growing sector, will remain with the business. For the year ended 30 June 2019 (unaudited), revenue for Katsouris Brothers was £68 million and adjusted EBITDA was £6 million. Gross assets at 30 June 2019 were £30 million. The transaction is expected to be modestly earnings enhancing for Cranswick in the current financial year.

Adam Couch, chief executive of Cranswick, comments: “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.”

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