UK-headquartered fresh prepared foods manufacturer Bakkavour has acquired local houmous dips brand Moorish.
Financial details of the transaction were not disclosed.
Noting that the business “has so much more potential than just houmous”, Bakkavor said it is looking to expand the brand “into other relevant Bakkavor categories in the future”, Mike Edwards, the private-label group’s CEO, said in a statement.
Edwards added Moorish’s “high-quality, innovative… products will be a great addition to our existing brands and will complement our existing dips business”.
Established in 2012 by Julie Waddell, Moorish produces a portfolio of houmous dips. These include smoked, plain and other flavoured varieties, as well as a small houmous snacks range.
Its products are sold to UK retailers including Sainsbury’s and Asda.
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By GlobalData
Bakkavor markets a range of branded products, including The Delicious Dessert Company, as well as selling retail lines for restaurant chain Pizza Express under licence.
Waddell said: “I’m incredibly proud of what Moorish has achieved and have thoroughly enjoyed growing the brand and product range from scratch to success with my team.
“I feel very fortunate that for the last 12 years my job has been to create innovative, delicious products that are loved by consumers across the UK.
“In Bakkavor, there are so many great opportunities still to explore with the brand and I will enjoy watching Moorish flourish as the new owners take it to the next level.”
In its first quarter ending 30 March 2024, Bakkavor generated revenues of £541.3m ($688.3m), a 2.3% hike on the previous year.
Like-for-like revenue grew 3.2% to £543.3m, driven primarily by Bakkavor’s performance in the UK which booked £458.4m in both like-for-like and reported revenue in Q1, an increase of 4.1%.
Bakkavor reported declining sales in the US and China, where reported revenues were down 9.8% and 0.4% to £55.2m and £27.7m respectively.
Speaking on the quarter, Edwards said: “Last year we executed a dynamic plan to reset the business and I am delighted that the momentum this has created across the Group has underpinned our strong Q1 performance.
“All three regions are making excellent progress against the group’s strategic priorities of rebuilding margins and reducing leverage and, as a result, we are confident in delivering our increased guidance for 2024.”
In January, the US-based hedge fund Baupost sold its minority share in the Bakkavor to private-equity group LongRange Capital.
Baupost had held shares in the company since 2016 when it joined forces with Bakkavor’s former Chairman and CEO at the time, Lýdur, and Ágúst Gudmundsson, to take over the group.
