Mr Kipling owner Premier Foods picks up breakfast brand in £34m deal
Premier Foods is expanding into the breakfast scene as it today announced its acquisition of breakfast brand FUEL10K.
The maker of famous brands including Mr Kipling, Ambrosia, Custard and Angel Delight completed the acquisition on 29 October for an enterprise value of £34m.
Alex Whitehouse, chief executive of Premier Foods, said FUEL10K is an “ideal platform” to build on its breakfast category expansion.
“The acquisition of FUEL10K follows on from our successful integration of The Spice Tailor, where we have increased revenue and profit through the application of our branded growth model,” he added.
The acquisition follows as Premier Foods saw a favourable trading update over the summer, with group sales being up from the previous year 21.1 per cent.
Much of the growth was attributed to its grocery or sweet treats, demonstrating an “improving trend”.
Barney Mauleverer, co-founder of FUEL10K, said: “We are very excited to be passing the reins on to the owner of such a great stable of UK brands.
“Having built the foundations from start-up, the FUEL10K brand is now primed to accelerate into the future and achieve even more great things.”