Pioneer to use dried-fruit skills in UK snack food acquisition
PIONEER Food Group has bought UK snack maker Streamfoods for £7.5m to bolster its product range in Britain with branded goods.The group says the acquisition will leverage its UK private-label portfolio and its recently upgraded manufacturing capabilities. Streamfoods is wholly owned by the Wellness Group and exports its core Fruit Bowl brand snack products for children to China and Europe."Pioneer Foods has extensive competence in the fruit snacking category, which bodes well for the development of the category and its brand position," Pioneer Foods said on Monday.Streamfoods makes fruit shapes, fruit flakes, yogurt fruit flakes, yogurt raisins, and school bars. It offers its products through supermarkets in the UK, as well as through Ocado, an online British supermarket.The buyout seems to be an add-on in terms of the bigger picture for Pioneer."(It is) a very small bolt-on acquisition, not important in the overall group, (at a) R140m acquisition price, which is 0.3% of (the group’...
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