Food acquisition news : UK speciality bakery company Finsbury Food Group has acquired 100% of Ultrapharm, a Free From bakery manufacturer, for £17 million in an all-cash deal.

Finsbury Food acquisition of Ultrapharm supports the former’s current strategy of further diversifying its product capability into high growth sectors.

Ultrapharm, which was founded in 1993, Ultrapharm has more than 240 employees across its manufacturing sites located in the UK and Poland.

The ‘Free From’ bakery company boasts of a comprehensive product range that includes bread, buns & rolls and other morning food items.

Ultrapharm’s customer base includes long term blue-chip customers, including Finsbury where it provides Free From products to Lightbody Europe.

John Duffy – CEO of Finsbury Food Group, commenting on Finsbury Food acquisition of Ultrapharm, said: “Ultrapharm has a robust market position both in the UK and Europe, extensive technical ability and strong relationships across a high quality and diverse customer base. This provides Finsbury with the opportunity to build upon both businesses existing retail relationships, as well as unlocking further commercial opportunities.

“Alongside the growth opportunities this acquisition brings, in line with the Group’s strategy, it further diversifies us by geography and category; giving us a further foothold in Europe and allowing us to diversify into the Free From market.”

Finsbury Food said that the chance to invest in the acquired sites and to expand its existing facilities to manufacture Free From products, gives it significant upside sales potential in an emerging segment.

Ultrapharm generated revenue of £19.5 million in 2017.

Commenting on Finsbury Food acquisition of Ultrapharm, Marc Lewis – CEO of Ultrapharm, said: “We are delighted to be joining the Finsbury Group and looking forward to growing Ultrapharm’s exciting prospects with their support.”

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  Bakery industry news, Finsbury Food Group, Food acquisition news, John Duffy, Marc Lewis, Ultrapharm, United Kingdom