Premier Foods has agreed to acquire The Spice Tailor, a premium, authentic Indian and South East Asian meal kits and accompaniments brand, for an initial consideration of £43.8m. Additional consideration is dependent on future performance.
The acquisition is said to be highly complementary to the group’s Sharwood’s and Loyd Grossman brands, and a strong geographical fit with Premier Foods’ existing footprint, with a presence in the UK, Australian, Canadian and Irish markets. The business says The Spice Tailor will also significantly expand its ethnic foods business in Australia.
Alex Whitehouse, Chief Executive Officer, Premier Foods, said: “We have greatly admired The Spice Tailor business for some time and we’re very much looking forward to it joining our existing stable of strong brands.
“The acquisition is well aligned to our growth strategy and we see a clear opportunity to build on the excellent track record of The Spice Tailor, by leveraging the elements of our proven branded growth model.
“This acquisition represents a highly complementary geographical fit, and we see significant potential to expand The Spice Tailor’s distribution in all our target markets. We see this as another important milestone for us following the group’s strong performance over recent years and The Spice Tailor is an important addition to accelerate our future growth plans.”
Adarsh and Anjum Sethia, founders, The Spice Tailor, said: “We’re very pleased that The Spice Tailor will become part of Premier Foods and are looking forward to unlocking further growth for the brand which we have nurtured since its inception.
“We see Premier with their track record of brand investment and strong commercial relationships, as the perfect fit for The Spice Tailor, driving it onto the next stage of its evolution.”
The Spice Tailor is expected to generate revenue of £17.3m in FY22/23.