UK’s fresh prepared foods manufacturer Bakkavor Group has agreed to sell its Belgian fresh prepared food business, Vaco, to Culinor Food Group for undisclosed sum.
The sale is part of Bakkavor's restructuring strategy to focus on its core business. The transaction is expected to be completed by early autumn.
Bakkavor CEO Agust Gudmundsson said: "This sale marks further progress for the Group as we focus on our core strategic growth markets of the UK, US and Asia."
Culinor is a maker of freshly prepared meals and meal components, such as soups, purées and sauces in the Belgian market.
Following the completion of the acquisition, the group is expected to have nearly 500 employees and a revenue of over €90m
Established in 1984, Bakkavor's Vaco has two manufacturing facilities in Olen and Herselt, with an employee count of 270.
It is a producer of "ready to heat" meals for retailers and food-service clients, particularly in the Netherlands.
The company recently made investments in its Olen facility to improve a division that focused on very fresh meals with a short shelf-life. Its product portfolio mainly includes stews, Italian dishes, traditional Dutch meals, oven-ready dishes and Asian specialities.
A company's statement said: "Culinor and Vaco have a lot in common: both companies share a passion for good cuisine. They both call on ultra-modern plants to supply private label products, including to Delhaize and Albert Heijn, and they have long-standing partnerships with retailers.
"With the Netherlands as the main market, Vaco neatly complements the Culinor group. Above all, both Culinor and Vaco are focused on quality and are devoted to innovation."
Culinor was founded by its CEO Filip De Spiegeleire in 1989 and the company currently has a capacity to produce 40 million meals a year.
Image: Bakkavor sells Belgian fresh prepared food business to Culinor. Photo courtesy of KEKO64/FreeDigitalPhotos.net.
