Cranswick acquires Mediterranean food products business

Cranswick acquires Mediterranean food products business
Credit: Shutterstock.com/ Valentyn Volkov

Cranswick, the listed Hull-based food producer, has boosted its offering with the acquisition of Mediterranean food products business Katsouris Brothers.

Katsouris Brothers operates from two facilities in Wembley, North London and employs a total workforce of approximately 250.

Costas and Louis Constantinou, Managing Director and Commercial Director respectively, will remain with the business.

For the year ended 30 June 2019 (unaudited), revenue for Katsouris Brothers was £68 million and adjusted EBITDA was £6 million.

Gross assets at 30 June 2019 were £30 million. The transaction is expected to be modestly earnings enhancing in the current financial year.

“This acquisition strengthens our existing continental products business and broadens our offering in a number of fast-growing, plant based, non-meat product categories,” said Cranswick CEO Adam Couch.

“The family behind Katsouris Brothers has created long lasting and sustained relationships with suppliers and the business has a strong customer base.

“We look forward to building on this and continuing to invest in the facilities and the team, over the years ahead.”