This week has been a busy one with mergers and acquisitions in foodservice. Find out who has been buying what in our latest round up…
Essential Cuisine strengthened by key European acquisition
Essential Cuisine has been acquired by Solina, a leading European producer of savoury ingredients, for an undisclosed sum. It’s business as usual for the leading British manufacturer of stocks and sauces, who will retain its current full product portfolio and customer base across both foodservice and manufacturing channels. Founded in 1995 by Nigel Crane, Essential Cuisine has established itself as a key player in the UK foodservice market, generating double digit YOY growth and sales of £14m in 2018. Solina UK Country Manager, Adam Jones, is set to lead the integration program, with the local shareholder team of Nigel Crane, Neil Corlett and Jamie McGregor remaining with the business over the next few months to ensure a smooth transition of ownership. Adam Jones was keen to point out the reasons behind the acquisition, citing joint innovation agendas and plans for expansion into new territories.
Cold Spring Brewing acquires 100% stake in Carolina Beverage
Cold Spring Brewing Company, an energy specialty drinks, beers and craft beers producer, has acquired 100% stake in Carolina Beverage Group, LLC, a co-packing producer for beverage brands, from SunTx Capital Partners and other selling shareholders. All companies involved in the transaction are based in the US. SunTx Capital Partners is a private equity firm. Following the transaction, the combined company will be named as Carolina Beverage Group and will be headquartered in the Charlotte, North Carolina. Holland & Knight LLP acted as legal advisor to Cold Spring, while Cascadia Capital LLC acted as financial advisor and Haynes and Boone, LLP acted as legal advisor to Carolina Beverage.
Premium Brands Holdings acquires Penguin Meats Supply
Premium Brands Holdings Corporation, a producer and distributor of food products, has acquired Penguin Meats Supply Ltd, a protein distributor to foodservice and retail customers. Both companies involved in the transaction are based in Canada.
Stonewall Kitchen signs licensing agreement with Legal Sea Foods
Stonewall Kitchen LLC, a consumer packaging goods company which manufactures consumer products, has signed a licensing agreement with Legal Sea Foods LLC, a consumer goods company that offers seafood restaurant solutions, to bring a line of restaurant quality sauces, marinades, and spices to seafood lovers nationwide. Both the companies are based in the US. John Stiker is the chief executive officer of Stonewall Kitchen, while Added Roger Berkowitz is the president and CEO of Legal Sea Foods. As a part of transaction, Stonewall Kitchen and Legal Sea Foods will work together to launch the initial product line that will include Legal Sea Foods’ signature cocktail sauces, tartar sauces, spice rubs, and other seafood marinade and dressings.
Burger King India plans for Initial Public Offering
Burger King India Pvt. Ltd, an India-based quick service restaurant chain, is planning for an initial public offering (IPO). Burger King India owned by Everstone Capital is a private equity firm. The chain generated a revenue of INR2.36 billion (USD36.36 million) and net loss of INR620 million (USD9.55 million) in 2016-17.
Irish Distillers acquires Eight Degrees Brewing
Irish Distillers Ltd, a producer and supplier of spirits and wines, has acquired Eight Degrees Brewing Company, a producer of craft beer. Both the companies are based in Ireland.The employees of Eight Degrees Brewing will continue to work at same company. The transaction will enable supply to support to provide a long-term beer supply to support the continued growth of Jameson Caskmates while Irish Distillers will support our continued innovation and experimentation in the craft beer sector.
Dawn Food Products (Dawn Donut) acquires Lakeside Poultry Ranch (Lakeside Bakery Supplies)
Dawn Food Products, Inc. (formerly Dawn Donut Company, Inc.), a producer and distributor of bakery products and bakery ingredients, has acquired Lakeside Poultry Ranch, Inc. (operating as Lakeside Bakery Supplies), a wholesale bakery distributor. Both companies involved in the transaction are based in the US. As part of the transition, many members of the Lakeside sales team and drivers will transfer to the Dawn family. In addition, Mike Brzezinski, owner of Lakeside Bakery Supplies, will serve as the regional director of business development, Southwest at Dawn Foods.
Atom Brewing to acquire Corn Exchange Pub in Hull’s Old Town
Atom Brewing Co., a US-based brewery company, has agreed to acquire Corn Exchange Pub in Hull’s Old Town. Corn Exchange Pub will begin in early June.