German confectioner Katjes Workforce has purchased UK gluten-free baked items company Genius Meals thru its venture-capital arm Katjes Greenfood.
The acquisition value is undisclosed however Katjes Greenfood stated it’s its biggest acquisition so far.
Based in 2009 and founded in Edinburgh, Genius Meals completed gross sales final yr of EUR40m (US$42.7m). Katjes Greenfood described Genius Meals as “marketplace chief in UK and France, but in addition increasingly more [present] in the United States, Australia and Germany”.
Its product portfolio comprises rolls, bagels, loaves, wraps and pittas. The variety is bought thru primary outlets – together with the United Kingdom’s ‘large 4’ grocers – and within the foodservice channel.
Explaining the considering at the back of its acquisition, Katjes Greenfood stated the marketplace for gluten-free merchandise is rising at double-digit charges from yr to yr.
Tobias Bachmüller, managing spouse of Katjes Greenfood, stated: “This makes gluten-free a really perfect class for Katjes Greenfood, which, as a legally unbiased a part of the Katjes Workforce, is making an investment one day of diet outdoor of confectionery.
“The chance to turn out to be the marketplace chief in a long run class acquire is a singular alternative for us.”
Genius CEO Dr. Peter Quinn stated: “We consider that we’ve got discovered a robust investor in Katjes Greenfood, which can’t most effective open up nice markets and [create] emblem attainable within the quick time period however, on the identical time, [build on] the long-term and sustainable values of a circle of relatives trade.”
Brussels-based private-equity company Verlinvest made a “important capital injection of thousands and thousands of kilos” in Genius Meals in 2014 however pulled out two years later, consistent with a submitting registered with the United Kingdom’s Corporations Space.
Simply Meals has requested Genius Meals and Katjes Greenfood for additional data at the deal.
A Katjes Greenfood spokesperson stated it “was once no longer revealing any more main points”.
Simply Meals Information: Giant Meals’s stake one day – in-house venture-capital budget
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