FDBusiness.com

Finsbury Food Group Acquires Gluten Free Bakery

 Breaking News
  • Carlsberg Group Upgrades Full Year Operating Profit Outlook Carlsberg Group has delivered organic operating profit growth of 17.7% for the first half of 2019 with reported growth of 18.2% to DKr 5.17 billion (€693 million). Organic net revenue growth was 4.2% and on a reported basis net revenue rose by 6.5% to DKr32.99 (€4.42 billion). Operating margin improved by 160bp to 15.7%. Reported net [...]...
  • Diageo Forms New Rum Joint Venture Diageo and Corporación Cuba Ron, a leader in the production of premium Cuban rums, have created a joint venture – Ron Santiago. The joint venture will have exclusive global distribution rights to Santiago de Cuba, a premium Cuban heritage rum brand. Globally, premium and above rum segments are growing ahead of the category overall, with premiumisation [...]...
  • Stirring Times For US Yogurt – Innovation is Vital in a Changing Consumer Environment Over half of all U.S. consumers now buy yogurt as part of their typical grocery basket, according to a new report from Innova Market Insights, but their habits appear to be evolving. Convenience themes are becoming increasingly important, for example, with 17% of consumers naming this as a significant choice factor in 2018, which is [...]...
  • FrieslandCampina Significantly Expands its VLOG Production Due to the sharp increase in demand in Germany, FrieslandCampina is increasing the number of participating dairy farms that supply VLOG milk from 400 to more than 600. All VLOG milk produced by Dutch FrieslandCampina dairy farmers is used to make cheese for the German market. VLOG (Verband Lebensmittel Ohne Gentechnik) is a German association responsible [...]...
  • English Food Manufacturers Sign Up to Made Smarter Support A number of food manufacturing firms in the North West of England have signed up to a business-led programme which aims to use digital technology to boost growth and success. By implementing advances in data analytics, Artificial Intelligence (AI), Augmented Reality (AR), Industrial Internet of Things (IIoT), 3D-printing and robotics, firms can enhance their profitability [...]...

Finsbury Food Group Acquires Gluten Free Bakery

Finsbury Food Group Acquires Gluten Free Bakery
September 05
08:49 2018

Finsbury Food Group, a leading UK speciality bakery manufacturer of cake, bread and morning goods for both the retail and ‘out of home eating’ foodservice channels, has acquired Ultrapharm, a ‘free from’ bakery manufacturer, for £17 million. The acquisition of Ultrapharm supports the Finsbury Food Group’s ongoing strategy to further diversify its product capability into high growth areas.

Established in 1993, Ultrapharm employs more than 240 staff across manufacturing sites in the UK and Poland. As a specialist ‘free from’ bakery, the business has an extensive product range including bread, buns, rolls and other morning goods. Ultrapharm has a diverse customer base with long term blue-chip customers, including Finsbury itself, where it supplies free from products to Lightbody Europe. The opportunity to invest in the acquired sites and to expand the group’s existing facilities to manufacture free from products, a category of which the group has previous expertise, provides significant upside sales potential to Finsbury in a growing segment.

As demand for free from products has expanded from dietary requirement to a lifestyle choice, the UK free from bread and morning goods market has grown 92% over the last four years with the outlook set for further growth over the next five years in line with the continued growth forecast for the wider UK free from grocery market . In EMEA, the gluten free bakery market is forecast to grow at a CAGR of 10.6% over the period 2017-21.

For the year ended 31 December 2017, Ultrapharm generated EBITDA of £1.6 million and profit before tax of £0.8 million which have continued to grow since year end. Revenue generated was £19.5 million, up 35% from £14.5 million for the comparative period in 2016. As at period end, gross assets were £10.8 million. The acquisition will be earnings accretive immediately post completion.

John Duffy, chief executive of Finsbury Food Group, comments: “We are delighted to have secured such a valuable strategic acquisition, one that presents the group with a significant opportunity to access an exciting and high growth marketplace. Ultrapharm has a robust market position both in the UK and Europe, extensive technical ability and strong relationships across a high quality and diverse customer base. This provides Finsbury with the opportunity to build upon both businesses existing retail relationships, as well as unlocking further commercial opportunities.”

About Author

mike

mike

Related Articles

Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • September 11, 2019Packaging Innovations & Luxury Packaging London 2019
  • October 1, 2019PPMA Total Show
  • October 17, 2019Future Food-Tech
  • November 18, 2019Plastics Caps and Closures Conference 2019
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here



Advertisements