Symington's has acquired fellow UK baking business Victoria Foods, a company that supplies products under licence for Nestle and Weight Watchers.
The deal, for an undisclosed sum, was announced yesterday (20 June) and comes weeks after a change of ownership at Symington's.
The company, which sells products under the Aunt Bessie's label and owns products including Chicken Tonight cooking sauces, was the subject of a private-equity backed management buy-out.
Its acquisition of family-owned Victoria Foods gives it a business that supplies branded and own-label home baking products to UK suppliers. The Victoria Foods portfolio includes the Jane Asher Creations range of baking mixes that use Nestle confectionery brands under licence.
Demand for home baking products has grown during the downturn as consumers look to cook from scratch and dine in more often to save money.
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Award winning Symington's acquires family baking business Victoria Foods
Symington's Ltd, the convenience food manufacturer today confirmed that it has completed the acquisition of family owned baking business Victoria Foods. The deal brings together two major suppliers in the UK home baking sector and is a major boost for driving value and investment into a category estimated to be worth £576 million.
Victoria Foods has built up an enviable reputation for high quality, innovative, cake and baking mixes, including mixes for desserts and beverages over the last three decades. The portfolio ranges from own label brands, creations featuring favourite childrens' characters, and mixes in association with leading brands including Jane Asher, Nestle and Weightwatchers.
The acquisition further strengthens Symington's position in the home baking category and is a perfect complement to its existing portfolio of brands which includes James Martin and Aunt Bessie's. Furthermore, with two thirds of Victoria Foods business in the own label category, retail customers can expect an award winning service from the industry's leading own label supplier, as recognised in the 2012 Grocer Gold Awards.
Commenting on the acquisition, David Salkeld, CEO at Symington's said:
"The Victoria Foods acquisition is a positive step forward in strengthening our position in the home baking category and we welcome Dan Ross to the team at Symington's. Our two companies have a proven track record of success in this growing category and working together we are very well placed to continue to surprise and delight our consumers who enjoy baking at home."
Dan Ross, Managing Director at Victoria Foods commented:
"Victoria Foods has performed consistently since its inception 30 years ago and we are looking forward to helping grow the business, under the Symington's name to further develop the home baking category as a whole. It's exciting times ahead."
A business plan is currently being developed to maximise the combined assets and skills of the two businesses and to establish how to best work together going forwards.
