11th Apr 2016 06:38
LONDON (Alliance News) - Pork and poultry producer Cranswick PLC on Monday said it has bought CCL Holdings Ltd and its wholly-owned subsidiary Crown Chicken Ltd from the Thacker family and management for GBP40 million.
Crown is a poultry producer based in East Anglia in England. In 2015, it made revenue of GBP83.8 million and adjusted earnings before interest, tax, depreciation and amortisation of GBP6.6 million.
Cranswick said it expects the acquisition to be "modestly earnings enhancing" in the current year and will fund the purchase using its existing bank facilities.
Crown Chairman David Thacker will retire from the business following its takeover, but Mill Director Nigel Armes and Agricultural Director Matthew Ward will remain with the business.
"Crown is a well-respected operator in the UK poultry sector and represents an excellent opportunity for Cranswick to continue the development of its UK poultry business, building on the highly successful acquisition of Benson Park, the market leading producer of premium cooked poultry, in October 2014," Cranswick Chief Executive Adam, Couch said in a statement.
"This acquisition represents important progress in our long-term growth strategy of developing new product channels in both pork and other proteins," he added.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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