Private equity-backed food group makes double acquisition
Mon, 05 Feb 2024 | BUSINESS SALE
The Compleat Food Group, which is backed by private equity firm PAI Partners, has expanded with the acquisition of two companies from The Entrepreneurial Food Group. The firm has acquired party foods specialist SK Foods and dips and soups maker Zorba Foods.
SK Foods, which is based in Teesside, specialises in party foods inspired by global cuisines, including Mediterranean, Indian and Tex Mex. The company was formed in 1987, becoming part of The Entrepreneurial Food Group in 1999, and employs more than 770 staff.
Gwent-based Zorba Foods began creating authentic Greek houmous but, over the years, has expanded to produce a range of dips and sauces inspired by Greek, Asian and Tex Mex food, as well as soups, for the retail and foodservice industries. The company was founded in 1976, joining The Entrepreneurial Food Group in 2003, and employs close to 380 people.
The Compleat Food Group currently operates from 10 sites, producing annual turnover in excess of £750 million. The group’s brands include Wall’s Pastry, Pork Farms, Vadasz, unearthed and Squeaky Bean.
Following the acquisitions, The Compleat Food Group Chief Executive Nick Field said: "We're incredibly excited about these two significant additions and what they bring to the group, with both companies having strong heritage in their categories for creating great food that people love. We plan to continue investment in both companies to extend their respective capabilities, allowing us to further innovate and inspire within their categories.
"For The Compleat Food Group, these acquisitions accelerate our commitment to build on our breadth of capability, increase our category leadership position, and deliver more excitement and interest to delight our consumers, driving sustained growth in the sector."
Jeremy Faulkner, Chief Executive of both SK Foods and Zorba, commented: "With The Compleat Food Group, we have found a natural partner who not only shares our values, but also the ambition to invest and support us in driving further innovation and growth for our categories and key partners."
Private equity funding can be difficult to secure in such a competitive environment, but there are a wide range of other funding options available to companies seeking to grow through M&A
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