BLACKBURN, U.K. — Bright Blue Foods Ltd. (BBF) has reached an agreement to acquire Greencore P.L.C.’s cakes and desserts facility located in Hull, England. Financial terms of the transaction were not disclosed.
The Hull site will operate under the name BBF (Hull) Ltd. The combined business will have revenues of more than £140 million ($197.6 million), employ more than 2,000 across five sites and be led by Jonathan Lill as chief executive officer. BBF’s other bakeries are located in Bradford, Blackburn, and Shadworth, U.K., and Szczecin, Poland.
|Jonathan Lill, c.e.o. of BBF|
“This is a really exciting time for our company, our people and our customers,” Mr. Lill said. “The product range and customer base from both businesses are very complementary. BBF is entirely focused on the bakery sector, and this acquisition will be transformational for our business. We are committed to continue to invest in the category and deliver great quality, service and innovation to our customers.”
BBF was acquired in September 2015 by Endless, a private equity investor. Richard Harrison, investment director at Endless, said the company has assembled an outstanding management team at BBF, led by Mr. Lill.
|Richard Harrison, investment director at Endless|
“This acquisition will double the size of BBF and will enable the business to maximize opportunities in this category through its enhanced product offering and scale,” Mr. Harrison said. “We are delighted to support BBF with this deal, which once again showcases our expertise in acquiring non-core assets from large corporates and is a great way to start 2018.”In addition to selling its cakes and desserts business in Hull, Greencore said it is closing its desserts facility in Evercreech, U.K. Coupled together, the moves mark Greencore’s exit from the U.K. cakes and desserts sector, the company said.