Euro Foods, a Wales-based food supplier to restaurants and specialist supermarkets, has acquired Brown Bear Food, a food packaging business in Cwmbran, for an undisclosed sum.
Brown Bear, which operates from leased premises in Gwent, had gained control of the packaging operations from Q Cold that entered into administration in 2013.
Due to trading losses, Brown Bear filed for bankruptcy and the Chancery Court appointed administrator Damian Webb from Baker Tilly to advise the company on further steps.
Webb said, "The rapid sale of the business has ensured that approximately 40 jobs have been saved and all the key customer contracts have been maintained."
Eurofoods founder and owner Shelim Hussain said, "This acquisition is part of our overall growth strategy, the investment in this business and site should enhance our product offering and capability."
The company plans to invest at the Cwmbran facility, and expects to create about 200 new jobs over the next three years.
