Another Momentous Year for the UK Food Industry
Total Page:16
File Type:pdf, Size:1020Kb
Page 5 Page 6 Food Group Focus Food Group Focus April 2015 April 2015 www.rollits.com April 2015 Month by month guide to mergers and acquisitions continued… Food Group Focus December 2014 Danish Crown agreed to merge with Tican to bring together Denmark’s two cooperative Private equity firm Bridgepoint acquired slaughterhouse companies. Rollits’ Food Deals Cinven’s Ask and Zizzi restaurant chains Cranswick acquires Benson Park Camgrain appoints Frontier as for £250m. marketing arm March 2015 Cranwick plc, one of the UK’s most Heinz announced the sale of its frozen Gimv acquired Holland’s United Dutch successful food producers, acquired the In November 2014 central grain storage ready meals plant in Ireland to The Beverages, brewers of Oranjeboom beer, whole share capital of Hull-based Benson co-operative Camgrain appointed Authentic Food Co. from Egeria. Park Limited in October 2014. Benson Frontier Agriculture as its marketing, Park is a producer of premium British distribution and strategic partner after a Retail baker Cooplands (Doncaster) was Quintessential Brands acquired French fine cooked poultry and the acquisition has ten year relationship with Openfield. sold by its family owners to turnaround spirits company Lafragette & Legier from added another protein to Cranswick’s private equity investor ReSolve prior to a pre- French American Vintners. strong position in the pig meat market. Camgrain, based at Balsham, pack in January which saw the purchase from Cambridgeshire, handles up to 500,000 administrators of 41 shops and sandwich Hain Celestial expanded its fresh prepared Benson Park had sales of just over £41m tonnes of grain a year for its 500 vans, with the bakery and remaining shops food business by purchasing Empire Kosher in the year to August 2014. members. It has invested more than £43m closing (see Rollits’ Food Deals). Poultry, the largest kosher poultry producer across its four sites in the past ten years. in the US. Cranswick Chief Executive Adam Olam became the world’s third largest cocoa Leading UK food-to-go business Adelie Couch said the deal ”moves Cranswick During this time, strategic partnerships processor after agreeing a $1.3bn deal to Foods was bought by HIG Capital from firmly into a new protein category with have been an essential part of Cooplands (Doncaster) sold acquire ADM’s cocoa business. India Hospitality Corp with Ravi Deol and a well-invested business that has a Camgrain’s success. Camgrain Chairman to ReSolve YFM Equity Partners exited contract caterer strong presence in the fast-growing John Latham said: “We’ve always Sandeep Vyas retaining a significant stake. ReSolve Capital, a London-based Waterfall Services, headquartered in Real Good Food bought edible glitters and food-to-go sector.” formed relationships with third parties turnaround and restructuring fund, Warrington, in a £20m secondary buy-out food paint maker Rainbow Dust Colours in Irish agri-business Aurivo bought so that we bring new investment into Another momentous year London sports nutrition brand For Rollits’ Senior Partner Steve Trynka acquired retail baker Cooplands backed by LDC. a deal worth up to £7.5m to merge it with its our stores and greater capability in the (Doncaster) Limited in December 2014 Goodness Shakes. led the team acting for Cranswick in bakery ingredients business Renshaw. marketplace. It’s allowed us to keep Thai Union was the winner in an auction for this transaction. and Rollits’ Corporate Partner Nasim growing the business.” Sharf acted for the majority shareholders Lion Capital’s US tuna canner Bumble Bee In the US Post Holdings acquired another R&R Ice Cream, owned by PAI Partners, of the company in the sale. for $1.5bn. breakfast cereal producer MOM Brands acquired Nestlé’s South African ice for the UK food industry Rollits’ Commercial Partner Keith for $1.1bn. cream business. Benton advised Camgrain during the Following a review of operations appointment of Frontier. January 2015 Premium cake manufacturer Honeyrose Heinz and Kraft agreed to a merger to In the latest edition of Rollits’ Food Group Focus we review the most and the appointment of Deloitte as Findus Spain agreed to buy Nestlé’s bought gluten-free biscuit business Kent create the world’s fifth largest food maker. interesting deals in the UK & Ireland and the biggest transactions administrators, ReSolve bought back 41 La Cocinera frozen ready meals business Icelandic Seachill and Aldi & Fraser. leasehold shops and the sandwich van in Valladolid. elsewhere in the world over the last 12 months. settle dispute fleet, which secured 259 jobs. Rollits’ clients Icelandic Seachill reached Swiss food group Aryzta put its UK February 2015 In this country we have seen the fiercest This confirmed the polarisation between an out-of-court settlement with Aldi in flatbreads business into a 50/50 JV with Piper Private Equity sold food-to-go Information competition between the major food the top-end food retailers (M&S also retailers for many years and, according to continue to perform well in food) and its dispute over a “copycat” version of Rollits sponsor Honeytop founders Charles and William Eid. hot dog brand Rollover to Kerry Group’s If you have any queries on any articles in The Saucy Fish Co. UK subsidiary. this newsletter please contact: Julian Wild the latest figures from Kantar Worldpanel, the discounters, premium and value Bakkavor bought US company B. Robert’s on +44 (0)1482 337304 or email grocery prices have fallen to a like-for-like propositions doing well at opposite The companies said a confidential new award at Foods, the Charlotte manufacturer of chef AG Barr acquired cocktail solutions producer [email protected] record low. Kantar’s February 2015 update extremes and squeezing the middle-of- agreement had been reached in advance prepared meals. Funkin for a potential £21m. This newsletter is for the use of clients and estimated that British shoppers had the-road multiples. of a scheduled court hearing. Icelandic Deliciouslyorkshire will be supplied to others on request. saved £327m in the previous 12 weeks. Yorkshire ice cream maker Brymor closed European fresh produce company Total It is for general guidance only. It provides Seachill secured an interim injunction We have seen the Groceries Code down after the Moores’ family farm at High Produce acquired a 50% stake in Toronto- useful information in a concise form. Leading multiple Tesco went through a Adjudicator, Christine Tacon, being against Aldi in March 2014, claiming its Action should not be taken without Food Awards Jervaulx was sold. based Gambles to strengthen its position dismal year as it saw its market share sink given greater powers to fine the big Private equity fund buys Saucy Salmon branding and packaging in North America. obtaining specific advice. We hope you was confusingly similar. Aldi had already Rollits again hosted a table of leading Lakeland Dairies acquired Taste Trends, a have found this newsletter useful. to 29% by February 2015. But the biggest supermarkets for abusing their power Julian Wild, Head of Rollits’ Food Group Yorkshire food producers at the annual PhD Nutrition re-designed its fish-and-sauce products frozen yogurt business based in Surrey. Acquisitive Fruitarom bought FoodBlenders, If, however, you do not wish to receive talking-point was the revelation of a over suppliers and breaching the Code. Deliciouslyorkshire Food Awards Dinner at further mailings from us, please write to Leading sports nutrition company PhD before the settlement. a UK savoury ingredients company in £263m ‘black hole’ in the grocer’s accounts However, the new powers will come in too more buoyant, with many of the usual hot The Pavilions of Harrogate on Wednesday Pat Coyle, Rollits, Wilberforce Court, which emerged after the appointment late for her own enquiry into Tesco. Ms spots in North and South America, the Far Nutrition Limited was acquired by 15 October 2014. Wellingborough, for a reported £2m. High Street, Hull, HU1 1YJ. private equity fund B&B Investment Icelandic Seachill’s MD Simon Smith of new CEO, Dave Lewis. This is now Tacon appears determined to overcome East and Australia. In a large pet food deal US food group The law is stated as at 31 March 2015. being investigated by the Serious Fraud the past reticence of suppliers to complain Partners in November 2014. said: “My only comment is that I am very Rollits’ Julian Wild presented the award JM Smucker acquired San Francisco’s Big Hull Office Office and a number of senior executives about their customers by demanding that Fever Tree and Patisserie Holdings were happy with the outcome of the action”. for the Best Independent Retailer, won by PhD is a major brand in the dynamic Heart Pet Brands for $5.8bn. Wilberforce Court, High Street, departed. Under new leadership, with they give the evidence she needs. successful IPOs in 2014, but Marfrig Vanessa Deli & Café in Beverley. Hull HU1 1YJ sports nutrition market and was Rollits’ partners Keith Benton and Andrew John Allan also arriving as Chairman, delayed the flotation of its poultry US snack company Diamond Foods Tel +44 (0)1482 323239 founded by Jason Rickaby and Mark Digwood advised Icelandic Seachill. Tesco is undergoing a major overhaul. The major retailers were not alone in business, Moy Park, as the froth came off bought a 51% stake in Netherlands-based York Office Bowering in 2005. coming under fire as Premier Foods was the market for new listings later in the year. Yellow Chips, its European Kettle Chips Rowntree Wharf, Navigation Road, News was not much better at Asda, exposed on television for its ‘pay and co-manufacturer. York YO1 9WE We may need to get to the other side of PhD developed a multi-channel Tel +44 (0)1904 625790 Sainsbury’s, Morrisons and the Co-op, stay’ demands placed on suppliers, which all of which saw declining market shares.